Tax filing season is now open, and the SA Revenue Service (SARS) is waiting for returns. Doing your tax is painful enough – don’t compound your misery with these own goals.
Here are some mistakes commonly made in Tax Submissions that you should avoid.
1) Not declaring income that has already been taxed.
Many taxpayers leave out their additional income thinking that because it was taxed by the person paying them, that they do not need to declare this, SARS still requires that you declare it.
2) Not declaring a bank account
If you declare on your tax return that you don’t have a local savings or cheque account at any bank in South Africa, and this statement is incorrect, you may be liable for an administrative penalty of up to R16,000.
3) Making number errors.
Mistakes in arithmetic or in transferring figures from one schedule to another contribute a great deal in a taxpayer not receiving a refund or having to pay a large sum of money.
4) Neglecting your records at home affairs.
SARS checks your date of birth, ID number and passport number with the department of home affairs, which is the official register of all identification information. Ensure all your information is up to date at SARS.
5) Spending your tax refund too soon.
Do not spend your tax refund (especially when only estimates were done) before a final completion letter is received from SARS
We have got you covered in every aspect. Our consultants will guide you through all you need to know.
