In our June 2015 newsletter we set out the requirements where the submission of a 2015 tax return would not be required. Briefly these are where an individual earn less than R350 000 per annum and fulfils a series of criteria. There are however reasons why you should always file your return with SARS, here are some of them:
- If you don’t file a return then you won’t be eligible for any kind of tax refund. A refund is money you overpaid on your taxes and it belongs to you.
- If you wish to borrow money from a South African bank (mortgage or loan) you are required to have a Tax Clearance Certificate. This can only be obtained if all of your returns are up to date and filed appropriately.
- In 5 or 10 years’ time SARS could request that you submit these returns and it’s unlikely that you would have retained all relevant documents required.
- If you ever require proof of income your tax assessment is handy proof thereof.
The important dates for the 2015 tax season are: