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Deadlines for submission

The following deadlines will apply to Tax Season 2010:

The deadline for postal submissions (paper tax returns) for provisional and non-provisional taxpayers is the last working day of September – 30 September 2010
The deadline for electronic submissions through SARS branches and eFiling for non-provisional taxpayers and trusts is 26 November 2010.
The deadline for electronic submissions through SARS branches and eFiling for provisional taxpayers and trusts is the last working day of January – 31 January 2011

Preparing for submission of tax returns –Individuals

The following is a list of documentation that we need to enable us to prepare your tax return. Whilst it is fairly comprehensive it is not exhaustive.

Items in italics are required from business owners, company directors or members of Close Corporations.

A monthly log sheet in respect of the vehicle that you use for business. This should reflect opening and closing odometer readings for each day and a column that splits the distances travelled between business and private. An explanation for each business trip should also be provided. (See our February issue for a specimen). Logbook .......pdf file download

Invoices in respect of any new assets acquired, any improvements made to existing assets and details of any assets sold with the sales price thereof

Any new instalment sales agreements and statements in respect of those agreements and existing ones.

Medical accounts that you have paid without claiming from your medical aid or for which the claim was rejected indicating the reason for the rejection

All bank statements from overseas banks where interest is reflected

An IRP5 from your employer

An IRP5 from retirement funds in respect of any lump sum payouts together with a copy of the tax directive to the lump sum.

An IT3 certificate from each financial institution with which you have investments. In the case of unit trusts, this will include an IT3(C) that reflects Capital Gains Tax information.

If you sold an asset, such as land and/or buildings, details of the purchase and sales price will be needed as well as documentation supporting relating to improvements carried out by you.

A certificate of contributions and member’s share of expenses from your medical aid scheme.

An interest certificate from your medical aid scheme in respect of interest earned on the savings portion of your contribution.

Contribution certificates from assurance companies for contributions to retirement annuity funds and income continuation policies.

If you changed your bank account since your last tax return was submitted, details of the new account must be provided

Preparing for submission of tax returns –Individuals

Deductions from salaries and bank accounts