Deadlines for Filing Season 2022/2023 are as follows:
Individual and Trust Filing Season Opens: 7 July 2023 at 20:00
Submission Deadline for Non-provisional taxpayers: 23 October 2023
Submission Deadline for Provisional taxpayers: 24 January 2024
Auto Assessments will be issued from 1 July 2023 to 7 July 2023. If incorrect, taxpayers have until 23 October 2023 to file an amended return. Auto Assessments issued after this date will have a period of 40 working days in which an amended return must be filed.
Before accepting an auto-assessment, you must ensure that the information is correct and complete. If you don't agree with the assessment, you may submit a request for correction and file the correct information before above mentioned deadline.
Be ready! Get all the necessary documents together and sign up to e-filing or send your information to an accountant asap so that you can be added to e-filing before the deadline. Penalties will be issued for late submissions.
As an individual the basic documents, where applicable:
Medical Aid certificate
Retirement Annuity certificate
Logbook
Home office expenses
Business income and expenses
A big debate the last few years... home office expenses. When will you be able to claim home office expenses:
If you are an employee who works from home and have set aside a room to be occupied for the purpose of “trade”, you may be allowed to deduct certain expenses incurred in maintaining a home office, which will be calculated on a pro-rata basis.
If the room is regularly and exclusively used for the purposes of your trade, e.g. employment; and is specifically equipped for that purpose. The home office must therefore be set up solely for the purposes of your trade; and
If your remuneration consists only of a salary and similar remuneration, your duties must be mainly performed in this part of the home. It therefore means you must perform more than 50% of your duties in your home office; or
If more than 50% of your remuneration consists of commission or variable payments based on your work performance, more than 50% of those duties must be performed otherwise than in an office provided by your employer.
Contact me if you have any queries or need assistance with submission of your return NS Accounting, Naudene Steyn 082 973 7514, snaudene@gmail.com
Comments