DO I NEED TO SUBMIT A PERSONAL INCOME TAX RETURN IN JULY 2016?

It is important to appoint a capable and knowledgeable accountant to submit your tax return, to ensure efficient tax planning.

Ask yourself the following questions:

  • Did I conduct any trade in South Africa?
  • Did I receive an allowance such as a travel, subsistence or Office Bearer Allowance?
  • Do I hold any funds or assets outside South Africa that have a value more than R200 000.00?
  • Did I receive a local Capital Gain/Loss exceeding R30 000.00?
  • Did I receive any income or Capital Cain in a foreign currency?
  • Do I hold any rights in a Controlled Foreign Company?
  • Did I receive an IRP5 from any employer?

If the answer on any of these questions is YES, SARS requires that you submit a return, but we recommend that you submit your return on a yearly basis irrespective.


What documentation do we require to submit your Personal Income Tax Return on your behalf?

  • Medical aid Tax certificate if applicable.
  • Retirement annuity Tax certificate if applicable.
  • Travel allowance (We need the Date, Distance, Client visited and reason for visited)
  • We also need the following if you have a travel allowance:
  • Registration number of the vehicle
  • The make and model of the vehicle
  • The purchase price of the vehicle
  • The opening kilometres at 1 March 2015
  • The closing kilometres at 29 February 2016
  • Subsistence allowance (We require proof of the expense)
  • If the expense occurred outside of South Africa, you should send a copy of your passport with departure and arrival dates.
  • If you have funds or assets outside South Africa that have a value more than R200 000.00 you should send proof of it to your accountant.
  • Should you have a property registered in your name that you are renting out, please contact us to draft a rental income statement.
  • If any Capital Gain occurred throughout the year, please contact us to assist in the calculation of the gain.
  • IT 3(b) – Interest certificate
Should you have a property registered in your name that you are renting out, please contact us to draft a rental income statement.

Commission EARNERS. What documents/information do we need to assist you to claim expenses?

Commission earners are only allowed to claim the expenses that have been incurred to generate income. Proof of all expenses should be submitted to us, to assist in the drafting of an Income statement.

Examples of deductible expense:

  • Accounting fees
  • Advertisement
  • Stationary
  • Phone expense
  • Client entertainment
  • Equipment bought
  • Motor vehicle expenses for business purposes
  • Rent of office
If you need any assistance with submitting your return, please contact us on 0129914400 and one of our professional Accountants will be able to give you the best advice, or simply forward all your contact info to info@cmv.co.za, and we will contact you.

This article is a general information sheet and should not be used or relied upon as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice. Errors and omissions excepted (E&OE)

CMV Group of Companies

Tel : 012 991 4400
Fax : 012 991 3001
Physical: 17 Midas Avenue, Olympus, Pretoria, 0081
E-mail: info@cmv.co.za

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