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Tax Season 2014

Article © CA(SA)DotNews by DotNews

“People who complain about taxes can be divided into two classes: men and women” (Anonymous)Tax season 2014 has opened and once again we face having to complete our tax returns.

The changes from last year are –

Income threshold 
(If the table above does not display correctly, please see the “online version” – link above the compliments slip)
If you fall into these thresholds and the exceptions do not apply to you, you must submit a return.Interest Income The tax exemption for interest income is R23,800 (if you are less than 65) or R34,500 if you are 65 or older.Tax Practitioners Remember your tax practitioner must be registered not only with a registered controlling body, such as SAICA, but also with SARS.

Documentation If SARS request documentation from you, it is well worth consulting your accountant before submitting the documentation. Remember, you do not want to get into an open ended process with SARS that could end up in an audit or worse.

Due Date for submission of returns

  • By post or depositing it in a SARS drop box – 26 September 2014
  • Electronically at a SARS branch (provisional and non-provisional taxpayers) – 21 November 2014
  • Non-provisional taxpayers on eFiling – 21 November 2014
  • Provisional taxpayers on eFiling – 30 January 2015.

Be Aware of Scams

There are plenty of scams going on. Be alert.

Remember it is an offence to not submit a tax return if you are required to complete one.

 

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One Response to “Tax Season 2014”
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  1. Mark says:

    is it better to have a Tax Practitioner who is registred with SAICA or SAIT better or do both hold equal weight ?

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