As the start of the 2024 tax season approaches, you must ensure that you have received all the relevant supporting documents to prepare and submit an accurate return.
What documents do I need for my tax return?
The general supporting documentation includes:
- Copies of your IRP5/IT3(a) certificate(s) generally issued by employers and financial institutions for pension and retirement annuity receipts.
- Copies of your third-party data – IT3(b), IT3(c), IT3 (d), IT3(e), IT3(f), IT3(s) and IT3(t) tax certificates generally issued by banks, medical aid schemes, fund administrators, investment institutions, section 18A approved public benefit organisations and trusts.
- Medical aid tax contributions with respect to your total contributions made for the tax year.
- Proof of qualifying medical expenses paid by you and not recovered from a medical scheme.
- All your supporting documents, such as invoices/statements with regard to business, rental, or other investment income and expenditure.
- Section 18A donation certificate(s).
- Travel logbook for the relevant tax period – if your IRP5 certificate has source code 3701 or 3702 in the income section, you are receiving a travel allowance from your employer.
- Any other documents used in the preparation of your income tax return.
Once you submit your return, SARS will proceed to issue your assessment. SARS will also indicate if the return has been selected for verification. If this is the case, you must upload and submit all the relevant supporting documentation used to prepare your income tax return by the specified date.
If you are uncertain about something, we advise you to consult with a tax professional, as an incorrect declaration or submission of incorrect supporting documents could lead to an erroneous assessment. The preparation and submission of a formal objection against an incorrect assessment can be complex, and it is imperative that the correct steps are followed to address the matter.
When is my tax return due?
The due dates for the 2024 tax season are as follows:
- Individual taxpayers (non-provisional): 15 July 2024 to 21 October 2024.
- Auto-assessment notices: 1 – 14 July 2024.
- Provisional taxpayers: 15 July 2024 to 20 January 2025.
- Trusts: 16 September 2024 to 20 January 2025.
It is important that you take cognisance of these dates and prepare sufficiently to submit full and accurate returns on time to avoid adverse consequences.