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2022 INCOME TAX SEASON IS HERE AND THIS IS WHAT YOU SHOULD KNOW.

WITH THE 2022 INCOME TAX SEASON AROUND THE CORNER (YIP IT STARTS 1 JULY 2022), ITS THAT TIME OF THE YEAR AGAIN WHERE YOU NEED TO GET YOUR TAX DOCUMENTS TOGETHER AND READY FOR SUBMISSION.

There have been some amendments that taxpayers need to be aware of this year, and this is the fact that this year’s submission period is much shorter than previous years. The deadline for submissions is 24 October 2022, which means that you only have 40 days in which to submit your taxes.



SARS has also become more stricter on penalties for noncompliance and late submissions. These penalties can range from R250 to R16’000 per month. Yip its no typo, these are the penalties imposed each month. So, you want to get your 2022 income taxes done and submitted on time and correctly.

Click here to read more on the admin penalties.

The standard documentation that you will need to get together is your

IRP5


Medical Aid tax certificate

Interest certificates from your investment asset managers and banks alike

Retirement Annuity Contribution certificates

If you changed jobs during the tax year, then you will need your Pension/ Provident Tax

Directive

If you have a travel allowance or a car allowance, then its important to have a logbook reflecting your personal and business trips

If you have any rental properties than please have a breakdown of your rental income and expenses to determine the actual gain or loss incurred


Here is the 2022 Income tax tables to be aware of :


If you don’t have a tax consultant or require a tax practitioner to assist you with the completion and submission of your 2022 income tax return, please get in touch with us as we can assist you.

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