If you earn more than R95,750 (about R8,000 a month) after allowable deductions and rebates in a tax year (between March 1 and February 28), you are a taxpayer.
Filing your tax return may feel intimidating at first, but the system is fairly user-friendly, says Desiré Pauw, human capital executive at Momentum Investments. She advises:
- Tax filing season for most nonprovisional taxpayers is between July and October;
- Most tax services are online, so you will need to register on Sars eFiling;
- The most important documents are:
- the IRP5 (how much income you earned and how much tax was deducted);
- ITR12 (your income and tax-related information); and
- ITA34 (notice of assessment from Sars that confirms whether you owe or are owed money);
- Factors that can reduce your tax liability include:
- contributions to a pension fund, provident fund or retirement annuity;
- medical aid scheme membership; and
- donations to approved public benefit organisations; and
- If Sars issues an auto assessment, log in to eFiling to review the information.
Business Times
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