DO I NEED TO SUBMIT A PERSONAL INCOME TAX RETURN IN JULY 2018?

The 2018 tax filing season opens on 1 July. Below are some guidelines for submission of personal income tax for the 2018 tax year. Recent SARS publications have listed the criteria deeming an individual exempt from submitting a tax return, but in our professional opinion we strongly advise that every registered taxpayer do submit a tax return every year. By submitting your tax return every year, you ensure that your tax returns are up to date, safeguarding you against future tax clearance challenges, should it be required. It is therefore important to appoint a capable and knowledgeable Accountant to submit your tax return.

Do I need to submit a Personal Income Tax Return in July 2018?

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 R40 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?

What documentation does your accountant 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 2017

    -The closing kilometres at 28 February 2018

  • Subsistence allowance (Proof of the expense required). 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

For Commission EARNERS:

What documents/information must I send to my accountant to claim an expense?

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. Please note that SASR will under no circumstance allow any deduction claimed without proof of the expense in the form of receipts/invoices or bank statements.

Examples of deductible expense are:

  • Accounting fees
  • Advertisement
  • Stationary
  • Phone expense
  • Client entertainment
  • Equipment bought
  • Motor vehicle expenses for business purposes
  • Rent of office
Please feel free to contact CMV Accountants Incorporated if you need any additional information on Personal Income Tax.

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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