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Completing your individual tax return can be cumbersome and overwhelming, especially if you are uninformed about the basics.
“The important part of completing a tax return is to know exactly what you are allowed to claim as a deduction and then to understand how you should claim that deduction,” says Yolandi Esterhuizen at Sage VIP.
She also provides the following information as key to remember when completing your individual tax return:
Tax return logistics
The filing season commenced on 1 July 2017 and the deadline for manual submissions is 22 September 2017 and for electronic submissions 24 November 2017. Provisional taxpayers submitting electronically should submit on or before 31 January 2018.
For which period is the tax return? Income earned between 1 March 2016 and 28 February 2017.
Who should submit? No tax return needs to be submitted if the remuneration was earned from one employer and it did not exceed R350 000. However, if you earned any other form of income or you need to claim deductions such as travel expenses, a return must be completed.
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