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Are You ready for Tax Season 2016?

Hello All. Hope everybody is having a fabulous Friday and looking forward to the week-end? Well here we are again, ready to start the new tax season. I can't believe we are here already, it seems like only yesterday we were scrambling to get our returns in for the 2015 tax year. Yep tax season is officially open being the 1st of July 2016 for the tax year 2016 (1st March 2015 to 29 February 2016) for individuals.

If you are going to submit your returns online then you have until 21 November 2016, if you are a provisional tax payer this is extended to the 30 January 2017 and if you are still submitting your returns by hardcopy/manually at SARS you have until 26 September 2016 to submit.

In the next few weeks I will be giving some advice on submitting your returns, angering some frequently asked questions and be around to answer any of your concerns or questions.

In the meantime it will be good to start the process of getting ready to file your return. So start off by getting the following documents ready :

- IRP5 from your employer

-Medical aid certificate for the tax year (ensure it includes your contributions plus any expenditure not covered by the medical aid)

- Invoices of medical bills not covered by the medical aid and not submitted to medical aid.

-Any retirement annuity tax certificates

- Log book and or all supporting documents for costs on motor car such as fuel, services, tyres etc

-Try and remember where you filed the opening and closing odometer readings of your car/co car .

-Tax certificates from banks or investment houses for interest earned/dividends received/ capital gains or losses on investments.

Do you know that if you earn more in commission than a fixed salary and you have to work form home you can claim a number of costs that other salaried employees are not entitled to?

Have a wonderful weekend and will chat soon again.

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