Firstly, you have to be paying tax to get a tax refund. So if your taxable income (for the 1.3.2009 to 28.2.2010) is below R54 200 (R46 000 - 2009) if you under the age of 65 or below R84 200 (R74 000 - 2009) if you are over 65, then you are below the tax threshold. If so, you do not pay any tax and therefore will not get a refund of any sorts.
If you earn more than these amounts then read on....
Who is entitled to a tax refund?
You are paying tax on a monthly basis through your employer... At the end of the year you are issued with an IRP 5 - this is like a receipt which reflects all your earnings for the year and the total amount deducted from your pay in the form of Site / PAYE... You may then be entitled to a refund if:
• you have had tax deductible expenses such as a Retirement Annuity, Income Protector, Medical Aid and / or additional Medical expenses.
• you received a travelling allowance and your expenses exceed that of the allowance received - using a formula by set by SARS or use actual expenses
• in addition to your salary, you have a property which you rent out but your expenses exceeded your income or
• if you had a business that has run at a loss.
Then, what you need to do is:
• If not already registered with SARS, get registered with SARS (having your own personalised tax number)
• File your tax return claiming any of the items above
SARS will then process an assessment and if you are due a refund, they'll put the money directly into your bank account....
It's that simple.....
However, if you don't like SARS (don't worry, most of us don't).... Or if it seems just way too much work... Or you want to make sure that you get every cent due to you...
Then bring it to us! We'll compute your figures for FREE - to see if you are due anything.... Don't delay, contact us now to help you get the most out of your tax return.
Pinetown Accountants provide personal and professional services in Durban South Africa. Our services are tax consulting, professional accountant and financial accountants.
Article Source: http://EzineArticles.com/?expert=John_Ooosthuisen
