Tax return season often raises plenty of questions.
In this FAQ, our tax specialists answer some of the most common queries about tax returns, helping you better understand your obligations and make the filing process as straightforward as possible.
What is a tax return?
A tax return is a document submitted to the tax authority declaring income earned, deductions claimed, and taxes payable or refundable for a specific tax year.
Why do I need to submit a tax return?
Submitting a tax return helps determine whether you owe additional tax or qualify for a refund and ensures compliance with tax legislation.
What documents do I need to complete my tax return?
Common documents include:
- Employment income certificates (IRP5)
- Medical aid certificates
- Retirement annuity certificates
- Investment income statements (IT3b)
- Travel logbooks (where applicable)
- Proof of deductible expenses
What happens if I submit my tax return late?
Late submissions may result in penalties, interest charges, and additional scrutiny from SARS.
Can I claim medical expenses on my tax return?
Certain medical expenses may qualify for tax relief, depending on applicable tax rules and supporting documentation.
Can I claim expenses related to working from home?
In some cases, taxpayers who meet specific requirements may claim qualifying home office expenses.
How long does it take to receive a tax refund?
The processing time varies depending on whether the return is selected for verification or audit and whether all supporting documents are provided.
What is a tax verification?
A verification is a review conducted by the tax authority to confirm the accuracy of information declared on a tax return.
What should I do if I receive a tax assessment that I disagree with?
You may have the right to object to the assessment within the prescribed timeframe, provided you have valid grounds and supporting evidence.
How can I ensure my tax return is accurate?
Keep complete records, retain supporting documents, disclose all income, and ensure information submitted matches third-party data available to the tax authority.
Contact us on (011) 794-5582 or info@tlok.co.za, should you need assistance with your tax returns or have any further questions.