Today marks the opening of the tax season for individuals to submit their tax returns. Branch filing will close on the 31st of October with e-filing closing on the 4th of December 2019. If this time of year is causing stress and anxiety or even if doing your taxes feels like yet another chore, you could simply give us a call. We offer professional tax services. Our Tax Practitioner, Joyce is highly qualified and ready to assist you. A few key advantages to using our tax service are:
- Ensuring you maximise your tax benefits. ( For example: we helped a client log his travel allowance correctly, resulting in his refund going from approximately R8000 to R19000).
- As professionals we keep up to date with changing tax laws, which ensures you are always compliant and do not have to look over your shoulder for Uncle Sam!
- We take the admin and hassle out of tax. We keep a file going throughout the year, so simply forward us your medical expenses or any other relevant documents as they come in! (no more shoe boxes!)
- No more going in to SARS, if the occasion ever arises, we accompany you which means we go with a pre-booked appointment in the practitioners section! No more queues!
- Competitive fees. (This service is delivered in line with our investment advice philosophy. So we aim to deliver value for money.)
Our fees are as follows:
Base cost: R1 200 ex VAT (non-provisional taxpayer)
Base cost: R1 500 ex VAT (provisional taxpayer)
Visit the SARS branch: R700 p/hr, with the average time being 1 – 2 hours
Audit fee of R500 ex VAT ( if you are audited more than once, we will bill R500) this audit is something we cannot control. SARS are randomly auditing clients, mostly those who are due a refund and this is regardless of how simple ones tax return might be.)
Updated Tax Rules
Submission of tax returns calls for proper planning to ensure accurate and hassle free submissions. To ensure a smooth process the following and all other relevant documents to the tax year in question need to be in place:
- medical certificates,
- pension certificates,
- proof of medical expenses
There have been a few changes that were made by SARS with one being the increase in R500k tax threshold for certain tax payers. This threshold only applies if the following criteria is met:
- You have worked for a full 12 months for ONE employer only and received only ONE IRP5;
- You have no additional allowances or deductions to claim on your tax return i.e. medical aid, retirement funds or donations (else you may miss out on your refund);
- You have no travel allowance nor do you make use of a company car; (you may miss out on your refund)
- Most importantly, you earned absolutely NO other income i.e. interest, dividends, rental income etc during the tax year;
- You did not make any capital gains greater then R40 000 for the tax year.
It is important to remember that this filing threshold, provided you meet ALL these conditions, is not the same as the threshold to actually pay tax or have PAYE deducted. For the 2020 tax year, this remains at R79 000 per year for taxpayers under the age of 65.
Furthermore, should you have ceased SA tax residence during the year of assessment you must submit an ITR12 in order to inform SARS of the change in tax status, as well as report any deemed capital gains due to the exit charge.
Please do not hesitate to contact us, a consolidation is free and you might just walk away with a plan to pay less tax! Which is always a pleasure, isn’t it?