Tax

Tax Season Is Officially Open!

 
Hi there

 

What to know before filing your return

 

The 2018 tax filing season is now open! You’re now able to file your tax return for the period of 1 March 2017 to 28 February 2018. With the guidance of Finyos CC, your own tax professional team, you’ll get your tax return done with confidence: quickly, easily and correctly.

There have been some changes this year we thought you should know about when getting ready to file your tax return:

 

  1. The SARS deadline has moved to 31st October 2018:

All non-provisional taxpayers need to have filed their tax returns by 31st October 2018, which is 3 weeks shorter than last year. If you usually leave it to the last minute, then make sure to get all your documents ready in time and file as early as possible. Late filers will be subject to SARS penalties.

 

  1. SARS has sent out emails telling people they may not need to file:

Some taxpayers have received letters telling them they may not need to file a tax return this year if their financial situation has not changed. Unfortunately, there is no specific detail about what “financial situation” means, so here at Finyos we always advise you to file a tax return regardless of your situation. It is better to be safe and stay fully tax compliant than to be sorry and face some stiff penalties down the line.

 

  1. We will be able to import your IRP5, Medical & Retirement details:

For the first time, if your employer or service provider has sent it off to SARS on time, Finyos will be able to import ALL this information directly to your tax return. This will make filing a tax return with Finyos a breeze this year and get you compliant quickly and easily.

 

  1. The most common documents you may need to file your return

     

  2. IRP5

    – your payslips for the year all summarised into one document, your employer should have given this to you by now.

     

  3. Medical Aid Tax Certificate

    – Summary of your Medical Aid Membership.

     

  4. IT3b/IT3c

    – Summary of all the interest, dividends and capital gains through your investments.

     

  5. Retirement Annuity Certificate

    – Your contribution certificate for the year.

     

  6. PBO Certificate

    – Summary of the charitable amounts you gave during the tax year.

     

  7. Travel Logbook

    – Details of all the business trips you made and who you saw, as well as the opening and closing km for the tax year.

     

Have a tax question? Ask one of our tax experts any time on our dedicated tax helpdesk.

 

We hope you now know why the best way to do tax in 2018 is to let Finyos help you!

 

Regards,

 

Finyos team