10 Steps to submit your Income Tax Return

  1. Register or login at www.sarsefiling.co.za.
  2. You will find your tax return which has already has your personal and IRP5 information.
  3. You can than complete the questionnaire on the first page, which will  create the fields required to complete your return.
  4. Check your personal and banking details on the seconds and make any necessary changes.
  5. The third page has information about your salary and tax deductions.
  6. Next, you to declare your interest, capital gains and loss income. Declare your business, professional or rental income and expenses in the ‘Local business, trade and professional income’ section.
  7. Claim your medical aid premiums and cash medical expenses. Declare your retirement annuity and income protection payments. Claim travel expenses against your travel allowance.
  8. When you have completed your return, click ‘Save online” and then use the online tax calculator to get an estimate of your assessment.
  9. When you are ready to submit, click on the ‘File’ button. If something is incorrect or incomplete, eFiling will prompt you to correct it.
  10. You will receive your ITA34 Notice Assessment within 48 hours. This notice will indicate whether you owe SARS or a if a refund is due to you.

Should you submit a tax return?

  1. If you are under 65 and received an income of more than R59 750 from one or more sources  or received more than R120 000 salary.
  2. If you are between 65 and 75 and received an income of more than R93 150 from one or more sources or received more than R120 000 salary.
  3. If you are over 75 and received more than R104 261 from one or more sources or received more than R120 000 salary.
  4. If you conducted a business in South Africa.
  5. Received  a travel , subsistenance or office bearer allowance
  6. Have any funds or assets outside of South Africa that have a value of more than R50 000.
  7. Have a local Capital Gain/Loss exceeding R20 000.
  8. Received any income or Capital Gain in foreign currency.
  9. Hold any rights in a Controlled Foreign Company.
  10. Received or were requested to submit an Income Tax Return.

Does your business have an economic right to exist?

  1. Do you know what you are selling?
  2. Have you productised it?
  3. Can you productise it?
  4. Do you have a market?
  5. Do you have a differentiator?
  6. Could you have a differentiator?
  7. Do you make a real profit?
  8. Can you make a real profit?

Passion and Pain

  1. Are you passionate about your business?
  2. Are you committed to your business?
  3. Can you withstand the pain?
  4. Can you withstand the temptations?

Accountants and Time!

If you have ever thought that your accountant has an unhealthy obsession with time, you wouldn’t be wrong.

This obsession starts on the first day they start articles and sometimes becomes a lifetime obsession.

Time is a commodity we cannot bank and save for another day. We all have the same 24 hours in a day or 8760 hours in a year. In a leap year we get a bonus of an extra 24 hours which gets lost in the busyness of life.

When you earn your living by charging time, it always it necessary to be more productive than not.

Accountants haven’t cornered the market on that particular pressure. It is also prevalent in the medical and legal professions.

We all probably need to reasses once in a while where we are spending our time and whether it is producing the life we want.

In the meantime, spare a thought for your time starved accountant!