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Weekend Argus (Saturday Edition) - - PERSONALFINANCE -

Make sure you en­ter in­for­ma­tion for the cor­rect tax year on your re­turn (ITR12). The 2016 tax year started on March 1, 2015 and ended on Fe­bru­ary 29, 2016. Make sure you don’t in­ad­ver­tently try to claim de­duc­tions that took ef­fect on March 1 this year, or use tax rates that were in­tro­duced in this year’s Bud­get when check­ing your tax as­sess­ment or cal­cu­la­tions. For ex­am­ple, you will be en­ti­tled to claim re­tire­ment fund con­tri­bu­tions up to 27.5 per­cent of your tax­able in­come only when you sub­mit your 2017 re­turn. If you are claim­ing for med­i­cal ex­penses that you could not re­cover from your med­i­cal scheme, check that the ex­penses were in­curred dur­ing the 2016 tax year. The sooner you sub­mit your re­turn, the sooner you can ex­pect to re­ceive any re­fund that is due to you. The South African Rev­enue Ser­vice (SARS) says that, of the R15 bil­lion that it re­funded to 1.82 mil­lion tax­pay­ers in last year’s tax sea­son, 95 per­cent was paid out within 72 hours of the re­turns be­ing sub­mit­ted. SARS says that, last year, 95 per­cent of re­turns were as­sessed within three sec­onds and more than 99 per­cent within 24 hours. The date by which you must file your re­turn de­pends on how you sub­mit it and whether or not you are a pro­vi­sional tax­payer.

◆ If you sub­mit your re­turn by post or drop it off at a SARS branch, ir­re­spec­tive of whether you are or are not a pro­vi­sional tax­payer, the dead­line is Fri­day, Septem­ber 23;

◆ If you file your re­turn elec­tron­i­cally at a SARS branch, ir­re­spec­tive of whether or not you are a pro­vi­sional tax­payer, the dead­line is Fri­day, Novem­ber 25;

◆ If you are not a pro­vi­sional tax­payer and you file your re­turn via eFil­ing, the due date is Fri­day, Novem­ber 25; and

◆ If you are a pro­vi­sional tax­payer and you file your re­turn via eFil­ing, you must file by Tues­day, Jan­uary 31. You might not have to sub­mit a tax re­turn even if you earned an in­come. You do not have to sub­mit a re­turn if your to­tal (be­fore-tax) salary for the tax year was less than R350 000 and ◆ You re­ceived a salary from

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