It`s that time of the year again when the government wants to know about your finances for the past year. Arriving in your mailbox any day now will be your tax return.
And be warned - the taxman is improving his systems all the time to track down people attempting to avoid their tax obligations. If you are caught you face stiff penalties, including paying three times any outstanding tax and the possibility of a stint in jail.
Chief taxman, Trevor van Heerden, this week listed who must fill in a tax form for the tax year ended February 28, 1999. The categories are:
* Everyone over the age of 65, who has a gross income of more than R31 950. However, if you have not been issued with a tax return, and after the deduction of contributions to a pension fund, including a retirement annuity and all your medical costs have been deducted, you have earned less than R60 000, on which Standard Income Tax on Employees (SITE) has been paid, you need not complete a form. If you have received income on which you have not paid tax, including interest of more than R2 000 a year, you need to complete a tax return; and
* Everyone under the age of 65, who has a gross income of more than R18 500. If you have not been issued with a tax return and after the deduction of contributions to a pension fund, including a retirement annuity, you have earned less than R60 000, on which SITE has been paid, you need not complete a form. If you have received income on which you have not paid tax, including interest of more than R2 000 a year, you need to complete a tax return.
If you are in doubt about whether you need to complete a tax return you should contact your local Receiver of Revenue.
Anyone who has a trust must also complete a tax return on which the names of any beneficiaries must be disclosed.
The taxman wants the completed form by June 30. If you cannot get the return completed in time you must apply to your local tax office for an extension.
If you are below the levels at which you are required to complete a tax return but believe you have paid too much tax you should also apply for a tax return and complete it to get a refund of any over- paid tax.