Don't forget that your tax return is due by Friday, July 9. If you have not already received an income tax return from the South African Revenue Service (SARS), you should expect one soon.
There are new forms this year. The IT12SS, a simplified orange-coloured return for basic salary-earners with no allowances, and the IT12S, a green return for salaried individuals with allowances, such as those for travelling, and taxable passive income, including investment income, rental income, capital gains and foreign income.
Taxpayers who receive investment income and directors of companies and members of close corporations should fill in the blue IT12SB, in which you can declare your assets and liabilities. The purple IT12BU is issued to taxpayers who derive an income from trading and farming.
You should be collecting the documents you need to submit with your return. These include: the IRP5 certificate issued by your employer; a statement from your medical scheme; a retirement annuity contribution certificate; any IT3(b) statements from financial institutions; and all supporting documentation to substantiate your tax deductions.
SARS spokesperson Sechaba Nkosi says you must still provide the necessary information if you have not received the correct tax return. The forms are designed to ensure that in future you receive the correct return, he says.
Nkosi says you must not forget to sign your tax return, because if you do not, SARS will regard it as still outstanding. You could be liable for penalties if SARS has not received your return by the due date.