Annual Income Tax Returns
To offer our clients peace of mind, we ensure that they comply fully with the current tax law requirements of the South African Revenue Services (SARS) and legislative requirements of various countries worldwide.
Taxation is a specialised area of expertise that with intelligent planning, can result in beneficial outcomes for both Individual and Commercial clients. We take the hassle out of tracking submission deadlines, calculating taxes and submitting tax requirements so that you can focus on your core operations. We ensure that we have provided clients with appropriate tax planning prior to the submission of taxes which ensures that our client is able to realise optimal tax benefits.
Annual Income Tax Returns - IT12TR, ITR12, IT14
Annual income tax returns are submitted via SARS E-filing to SARS on or before specific deadlines and each return are vastly different for each type of taxpayers.
The income tax return data for companies and trusts are compiled from the annual financial statements. The income tax return data for individuals greatly depends on the type of income the individual has earned during a specific tax year and which deductions are allowed in respect thereof.
The information that is reflected on the annual income tax return must be accurate and correct, especially pertaining to individuals, as penalties and interest would accrue due to incorrect information being furnished upon submission of the return. The new strict penalty regime is imposed as part of the Tax Administration Act (TAA) of South Africa.
Quality assurance has become one of the most important facets at Taxrek and we strictly adhere to it, as more and more responsibilities are given by SARS to tax specialists, accountants and auditors. We do foresee that this trend by SARS will continue in the future, thereby levying more responsibility and quality verification onto the shoulders of the taxpayer and tax consultants.
Taxrek utilises the ERP system to upload all tax returns, payments, statement of accounts, objections and correspondence with SARS as to enable the client to administer and track their own tax profiles online, while Taxrek's tax specialists perform the process, quality control and guidance.
Application process - Current clients
1. Choose the Basic Return, as well as all the add-on items you will need
2. Click on Buy Now button, make the payment.
3. Complete and submit all worksheets and documentation via online portal or email to firstname.lastname@example.org, documents can also be faxed to 086 729 9518.
Income Tax Return - Basic Return
Basic IT12 return no allowances or other income
Medical Aid (No excessive claims)
Travel Allowance - Add On
Company vehicle - Add on
Working abroad - Add on
If you are/were working abroad
If you do not have a SA ID - Add On
If you do not have a SA ID
Interest/Dividend Income received - Add on
Interest/Dividends received from banks, financial institutions or companies
* Rental Income - Add on (1st Property)
Income received from rental only one property
*Rental Income - Add One - Additional Properties
Rental income if more than Property, initial R490 for first property thereafter R250 for each additional property.
*Commission Income - Add On
If you received commission income and the commission income is more than 50% of your total remuneration, you are allowed to claim expenses against the commission income.
Lump Sum Income - Add On
If you received a lump sum from annuity-, pension-, or provident funds
Capital Gains - Add On
If you received any Capital Gains from selling of shares or any properties
Home Office - Add on
If you have a home office and want to claim for the home office
*Independent Contractor - Add On
If you are an Independent contractor
*Sole Proprietor - Add On
If you are a Sole Proprietor
*Partnerships - Add On
If you are a partner in a partnership
ONLINE PORTAL INDIVIDUAL
Individual - Fee for retention of documents as required by SARS on online storage system
ONLINE PORTAL - SOLE PROPRIETORS
Sole Proprietor - Annual fee for retention of documents as required by SARS on online storage system