• 2018 Tax season opens on 01 July 2018 – FOR SALARIED EARNERS
Articles:

2018 Tax season opens on 01 July 2018 – FOR SALARIED EARNERS

03 July 2018

Ilsa Groenewald , Associate Director – Tax |

It is that time of the year again!

The tax filing season for 2018 opens on 1 July 2018. Are you eager to claim your tax refund?  Your 2018 income tax return will be available on the e-filing SARS website on the 1st of July 2018. Filing season has been shortened by three weeks, announced by Mark Kingon, the acting SARS commissioner on 4 June 2018.

Ten points that will ease your 2018 tax filing process:

  1. Deadline Dates:
    • Deadline for salaried taxpayers:      Wednesday, 31 October 2018
    • Deadline for provisional taxpayers:  Thursday, 31 January 2019
    • Deadline for manual submission:     Friday, 21 September 2018
  2. Do NOT allow another person to use your e-filing login details.
  3. Ensure that your Tax Practitioner, is a Registered Tax Practitioner with SARS and SAIT.
    SARS agents will be available at SARS branches country wide, to assist taxpayers with the submission of their 2018 income tax returns. Contact SARS call centre on 0-800 007 277 for assistance with any tax related queries.
  4. Alternatively, seek the assistance of a Registered Tax Practitioner.
  5. Your travel logbook has to be presented to SARS in an acceptable format.
    Disclose all motor vehicle details: make, model, year, purchase date, cost price, registration number. SARS will not allow a travel deduction, without verification of these details.
  6. Details of all your passive income earned during the 2018 tax year Period 1 March 2017 to 28 February 2018.
    Passive income includes interest, dividend, and rental income. Financial Institutions will issue a certificate at the end of each tax year, to reflect the detail of your income earned during 2018 tax year.
  7. If you have disposed of fixed property or shares during the 2018 tax year, these transactions will be regarded as disposals, and may trigger Capital Gains Tax.
    Disclose all asset disposal details: Date of sale, date acquired, selling price, selling expenses, original cost price, value of any improvements to fixed property. SARS or your Tax practitioner, will calculate your CGT liability.
  8. Retain your original Retirement Annuity Tax Certificate for 2018 from the Investment Institution to claim your contributions paid during the year.
  9. Medical Aid Expenses:
    • Any Contributions paid to medical scheme, in respect of yourself, spouse and dependants
    • All amounts paid in respect of medical, dental and hospitalisation expenses
    • Payments to pharmacists for prescription medication
    • Payments to nursing homes or a registered nurse/midwife for services supplied to the taxpayer/spouse or dependants.
    • PROOF of all the above expenses, has to be retained, for verification by SARS.
  10. Proof of donations made to qualifying Public benefit Organisations.

Contact Ilsa Groenewald, Associate Director Tax, at igroenewald@bdo.co.za or 031-5147030, should you require any assistance.

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