#MoneyMonday with Take Charge of Your Money
Short to-the-point money thought every Monday to give you motivation, perspective or action for the week. Get these straight in your inbox.
Have you submitted your tax return yet?
Many of us dread completing our tax returns. Not only does it seem like complicated admin, we’re also afraid that we’ll owe SARS money that we don’t necessarily have. It is however easier than you think, and you can plan for potential tax payments by allocating a small amount each month in your budget.
Note that you do not need to submit a return if you earned less than R350,000 for the tax year and if all of the criteria below apply to you:
- your total employment income / salary for the year (March 2017 to February 2018) before tax (gross income) was not more than R350,000; and
- you only received employment income / salary for the full year of assessment (March 2017 to February 2018) from one employer; and
- you have no car allowance/company car/ travel allowance or other income (e.g. interest or rental income); and
- you are not claiming tax related deductions/rebates (e.g. medical expenses, retirement annuity contributions other than pension contributions made by your employer, travel)
(the above is taken directly from the SARS website “Do I need to pay tax?“)
Whatever you feel about it though, this years deadline is 31 October 2018 and if you don’t submit on time you will only cause extra problems for yourself along with penalties and fees. The only solution really is to just do it!
One option is to do it yourself and it really is not that complicated. You will need to create an account on the SARS e-filing page and then log in. If your tax submissions are up to date you will simply need to open the current return and complete the “wizard” on the first page which will then generate then rest of the form based on your answers.
If you earn a fixed salary, pay medical aid and pension / provided fund through your companies HR and don’t have a car allowance, foreign investments, a business, etc then things should be very simple. However, even with a more complex situation you should be able to complete the return yourself although it does depend on complexities and your financial skills.
Another option is to find a tax practitioner to complete the return on your behalf. You simply supply all the information to them and answer any questions they pose, and then let them do their work. They can also help with past returns you may have missed or other tax related issues you have. A really great company to deal with is TaxTim and you can use this voucher code to get an immediate 10% discount off your return.
Go to TaxTim and claim your 10% discount using: WELLSPENT718
Act now and complete your tax return as soon as possible. Get it out of the way and off your mind!