What would happen if your employer were to make an incorrect declaration of your earnings, be it accidentally or on purpose? Employers are dependent on the accurate and timely processing of their remuneration packages on a monthly basis. Employers who are unable to meet these expectations are likely to be branded as “bad” employers and will not only have unhappy staff, but result in compliance issues emanating from The South African Revenue Service (SARS).
Employees are required to submit their income tax returns on an annual basis. This year, those who are required to submit income tax returns are those who meet the below, new criteria, which were announced on the 1st of July 2019, when the Tax season was launched:
Budget 2017 Tax Guide
This SARS pocket tax guide has been developed to provide a synopsis of the most important tax, duty and levy-related information for 2017/18
Who is a Provincial Tax Payer?
Retirement fund lump sum benefits consist of lump sums
from a pension, pension preservation, provident, provident
preservation or retirement annuity fund on death, retirement
or termination of employment due to attaining the age of
55 years, sickness, accident, injury, incapacity, redundancy or
termination of the employer’s trade.
Click here for the full Budget 2017 Tax Guide
DO I NEED TO PAY INCOME TAX?
SARS tax tables 2016 came into effect on the 1st March 2016. Do you have trouble keeping up to date with Tax Changes? Are you calculating tax based on the correct rates? Employers need to ensure that they are using the the correct rates.
SARS tax tables 2016 – All changes below are effective from 1 March 2016 to 28 February 2017:
As part of Pay Solutions payroll services, we will ensure that the correct tax and other levies are being deducted. We will complete the relevant documentation and submit IRP5 tax certificates via EasyFile and SARS efiling on behalf of our clients.
Pay Solutions have smart tips which will assist with your Income Tax Return
Tax Season, you need to submit an ITR12 (which is your Income Tax Return) so we can calculate your tax on your income and the tax-deductible expenses for the assessment year (1 March 2014 – 28 February 2015), which may, in some cases, result in a refund.
Individual Tax Season runs from July to November, however, provisional taxpayers who submit via SARS eFiling have until January 2016.
Individual taxpayers, who submitted their returns manually or by post, had to do so by 30 September this year, non-provisional taxpayers who submit at a Sars branch have until 27 November 2015.
This is also the deadline for taxpayers who do not pay provisional tax. Provisional taxpayers have until 29 January.
To make the filing process easier over 14 000 Sars officials have been deployed at various strategic points throughout the country. About 21 temporary service points have been be set up to help people submit their returns.