Gautax | Preparation for a Tax Deadline

 

 

Preparation for a Tax Deadline

How to Prepare for a Tax Deadline

Important Dates for Tax

Each year Tax deadline dates fall on different days of the month but we can still prepare as Tax deadlines always happen during the same months of the year.

So record in those calendars to be prepared for the months of January and November each year.

You can join our mailing list for news information and reminders such as this.

Documents We Need to Prepare and How to Obtain Them

Copies of all IRP5’s/IT3(a)

Request this form from your payroll officer. Please Excluding ones prepared via Gautax monthly payroll services. 

IT3(b)/IT3(c) for interest and Capital Gains Tax Income.

Contact all your banking facilities and investment institutions and request your IT3.  Try register a frequently used email address as these form are mostly automatically generated and emailed to you.

Retirement Annuity Certificates.
Medical Aid Tax Certificates.

Check your emails for messages from your medical aid as these forms are automatically generated and forwarded to your email address. You can also contact your medical aid and request your certificate be sent again.

Details of medical expenses paid by you and not covered by your medical scheme

Unfortunately there is no easy way to obtain this other than keeping a filing system of these expenses. Try keep a journal to record these events throughout the year.

Foreign Dividends and Interest.

Contact any foreign institutions you benefit with and request a statement for the previous years activities.

Completed confirmation of diagnosis of disability

This needed to be obtained from a medical professional.

Did you sell, buy or rent out any property? Then we need all the relevant info.

You can request a copy of the rental agreement from the renting agent. You can request a copy of the sales agreement from the real estate agent if you sold or purchased a property.

Logbook with the vehicle details

A logbook is a mandatory requirement if you receive a travel allowance.

There are many great cell phone applications that can keep and record a log book of your travels by using GPS co-ordinates.

Alternatively log books are sold at any PNA store.

Commission/Contractor summary of all expenses incurred in production of Income

Please file and record all receipts, contacts and invoices that can be used as an expense.

Sole Trader Income and expenses if trading as a business.
Home-Office Claims

Receipts and invoices off all the expenses in order to operate your business from your home.

Want Gautax to assist you?

View our personal Tax service page now.

What do I Need to Pay Tax on

Income tax is the normal tax that is paid on your taxable income.

Examples of amounts an individual may receive, and from which the taxable income is determined, include…
  • Remuneration (income from employment), such as, salaries, wages, bonuses, overtime pay, taxable (fringe) benefits, allowances and certain lump sum benefits
  • Profits or losses from a business or trade
  • Income or profits arising from an individual being a beneficiary of a trust
  • Director’s fees
  • Investment income, such as interest and foreign dividends
  • Rental profit or losses
  • Income from royalties
  • Annuities
  • Pension income
  • Certain capital gains

We can help! Get in touch.

All members of our team are available to answer your questions and assist you.

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