Stay On Top Of Tax An FMJ Article

ROODEPOORT, South Africa - March 17, 2016 - PRLog -- Stay on top of tax.

As another year kicks off, seasoned taxpayers will need to take note of important dates to submit tax returns, while new taxpayers need to familiarise themselves with all of the finicky little details associated with paying taxes.

The first important date arrives on 29 January, which is the deadline for tax returns for provisional taxpayers. If you earn an income other than a salary, such as rental income, interest from investments or other income from a trade, you most likely need to register as a provisional taxpayer. This entails submitting two additional returns (August and February) and then making two additional tax payments per year. Visit SARS  to find out more about provisional taxpayers.

Registered tax practitioner FMJ Financial Services suggests that individuals who need to register as taxpayers do so on the SARS website by completing the online application and handing it in at the nearest SARS branch. You need to have all supporting documentation such as registration details, residential or business addresses and banking details at hand.

Once you've been registered and given your tax number, it is recommended that you register for eFiling, which is a free and convenient way of submitting your returns online and making payments to SARS.

If you're uncertain about whether or not you need to pay tax, SARS has a handy online questionnaire which will assist you: http://www.sars.gov.za/TaxTypes/PIT/Pages/Do-you-need-to-...

Whether you have been paying taxes for years or for the first time, it is essential to be accurate and on time with your tax returns, while having all the necessary supporting paperwork.

Tax practitioners can take the confusion out of paying taxes and ensure that you don't get slapped with stiff penalties from SARS due to small inaccuracies.

If you are using a registered tax practitioner be sure to enquire whether they are registered with one of the five controlling body such as the South African Institute of Taxpayers (SAIT). Be sure to also check that your practitioner is allowed to perform the tax duties they are performing.