We have approached tax season once again. SARS seems more jacked-up this year than last year. That means that you have to make sure that you as taxpayers are jacked-up too.
Make sure that you have all your tax documentation kept together for 2009 tax year. What should you have ????
Taxpayer checklist :
IRP5 from you employer ( you may have more than one IRP5 )
Medical aid tax certificate
Medical expenditure that was not covered by the medical aid
Retirement annuity tax certificate
Pension fund contributions tax certificate
Income protection policy tax certificate (if you have one )
IT3b – ( if you receive interest income, dividends, have investments, shares, etc )
Donations tax certificate – ( if you donated funds to a non profit organization in terms of S18(a) )
Travel logbook if applicable
Vehicle details – ( make, model, registration plate, cost of vehicle and opening and closing mileages )
The above items are the absolute basic requirements for a standard, non-complicated tax return. It is by no means exhaustive.
Due Dates For Tax Returns:
Manual tax returns : 28 September 2009
Electronic filing via e-filing : 28 November 2009
What changes are there that affect you as a taxpayer?
Once again SARS is on a mission with its aim to extinguish the travel allowance. In a SARS communication last week, SARS mentioned that the travel allowance will change once again from 2010. The standard calculation as we know it will no longer exist. SARS also intends increasing the present 60% taxable portion of the travel allowance to 80% from next year.
What does this mean for you?
If you have a travel allowance as part of your salary package, then you will remember that 60% of the travel allowance was subject to paye every month. From next year, 80% of your travel allowance will be subjected to paye, meaning that your monthly paye will increase. Is there anything we can do to avoid this – unfortunately not. Further than this, when you do the travel calculation on your income tax return to claim your travel deduction, you will no longer have the standard deemed business travel available to claim against. You will have to use the private and business kilometers as recorded in your logbook. SARS will not allow travel claim deductions if the taxpayer does not have a travel logbook.
Goodbye good-old days of claiming every year without question and smiling when you get your refund. Buying a more expensive car will not help you to bigger travel claim anymore.
NEMESIS ACCOUNTING is offering a taxation service to all readers to assist with completion and submission of your 2009 tax returns a special price of R 300 per tax return. If you feel unsure of what you doing and want some assistance as well as advice, please give us a call.
Contact : shani on 083 597 2772 or email: firstname.lastname@example.org