Simpler tax returns

[duncan drennan]

SARS has greatly simplified the tax returns for this year, and it is also no longer necessary to submit documentation. Docs do need to be retained for 5yrs though, so hold onto your log book for now!

Sars has created a simple new return reduced from the previous ten pages to one page with two sides.

During the launch of the new return, Finance Minister Trevor Manuel said that it looked so simple that he might even consider filling it in himself this year. “It could render the person I employ to fill in my returns, unemployed,� he added

Sars also no longer requires supporting documents, such as IRP5s, medical invoices and logbooks etc, to be attached to your return except potentially for high-net worth individuals. However, you’ll need to retain these forms for a period of five years should Sars request them at a later stage in its auditing process.

Full article on Moneyweb

Oh yes, you can also say good bye to extensions � no more of those with the new system.

[Dave A]

It's a real step forward for salary earners. Unfortunately, those with slightly more complicated lives are still in for the full mission.

You've just got to love Trevor's sense of humour, though.

[duncan drennan]

Well, as it says in the article, "This is part of a three-year process: the following years will focus on companies, trusts and exempt institutions."

I'm sure there are good things to come.

[Dave A]

I believe SARS actually got an international award for having the best designed return forms. There's no doubt, Trevor is trying to do his bit to make life simpler.

[Eugene]

Anyone have a clue when we might expect the little blue SARS envelopes in the post?

[Dave A]

I believe they're currently in the mail. There was an advert on TV and it's made the online news. Mine goes straight to my auditors, so I wouldn't know.

[Eugene]

Thanks Dave - just what I needed to cheer me up! LOL!

[Dave A]

As long as you made your provisional payments etc it's no big deal. For some it's the opportunity to get a refund!

Mixed blessings, I guess.

[Eugene]

Mixed blessing like in seeing your mother-in-law driving off a cliff with your new Ferrari! Furtunately my payments are up to date and I might even get a little something back (which could come in handy for our next India trip uring December)

[RKS Computer Solutions]

Am I the only one that has been paid back by SARS in my last 3 provisional updates?