Five things you should know about tax season
28 June 2016
Posted by: Author: Ingé Lamprecht
Author: Ingé Lamprecht (Moneyweb)
Individuals can submit their returns from Friday, July 1.
The 2016 Tax Season will officially kick off on Friday, July 1 and individual taxpayers will be able to submit their returns for the tax year ending February 29 2016.
Here are some things to consider:
1. Not all taxpayers have to file a return
If your total annual salary before tax is less than R350 000, you only receive an income from one employer, have no other sources of income such as rent, taxable interest or a car allowance and don’t want to claim deductions for medical expenses, contributions to a retirement annuity or travel expenses you probably don’t need to submit a tax return. The threshold is unchanged from 2015.
2. You can retrieve your eFiling password via the Sars website
If you have forgotten your eFiling login details, go to www.sarsefiling.co.za and click on the Login sign. Then click on the question mark and request your login details. Sars will send the information to your e-mail address or cellphone number.
You will need to be a registered taxpayer to register for eFiling (if you haven’t done so already).
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This article first appeared on moneyweb.co.za.