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- Thread starter Friedpet
- Start date
werfie
Expert Member
- Joined
- Aug 16, 2010
- Messages
- 2,626
For the rest of your working life, you will receive one of these forms a year from the place you work. In some cases it may be more than one a year depending on if you leave and join another company during the tax year. The tax year runs from March to February of the next year. This form is basically a summary of earnings and deductions you received from the company as well as contributions made in the form of tax, UIF, SDL (on your behalf), medical aid, pension fund etc.
Once a year, during Aug - Sept, you have to submit a tax return to SARS, they already have that info (providing that your company complied and submitted all their returns), but now they have to see what you individually earn and if you have paid your dues (taxes!!!!!).
If this is the first time you are submitting a tax return, it is advisable that you get someone to do it for you, people do it for about R250. If you make mistakes on this return, you may end up having to pay SARS additional tax which is not really due to them.
Familiarise yourself with this process, as I said, it will happen every year, probably for the rest of your life. Don't be intimidated by it, it is just something new and once you're used to it, it will be a breeze!
Good Luck!
Once a year, during Aug - Sept, you have to submit a tax return to SARS, they already have that info (providing that your company complied and submitted all their returns), but now they have to see what you individually earn and if you have paid your dues (taxes!!!!!).
If this is the first time you are submitting a tax return, it is advisable that you get someone to do it for you, people do it for about R250. If you make mistakes on this return, you may end up having to pay SARS additional tax which is not really due to them.
Familiarise yourself with this process, as I said, it will happen every year, probably for the rest of your life. Don't be intimidated by it, it is just something new and once you're used to it, it will be a breeze!
Good Luck!
wentworth65
Senior Member
- Joined
- Sep 16, 2012
- Messages
- 513
Thanks werfie. Much appreciated
Hello, I recommend going to SARS when completing the tax form first time. Also suggested in this link http://sars.gov.za/home.asp?pid=216
you DON'T need to get anyone to complete this for you. it is simple to do online. these tax consultants are nothing but rogues. if you just go do your homework on the SARS website and come here and ask questions, people will assist you. these people who want to make a quick buck make me sick.
werfie
Expert Member
- Joined
- Aug 16, 2010
- Messages
- 2,626
Seeing that the OP didn't even know what an IRP5 was, I would definitely recommend getting someone to help with the first return AT LEAST, it certainly doesn't have to be someone that charge for it, as per Alvg, SARS is very helpful in this regard if you wish to avoid someone that charges for the service.
Phone SARS to see if they have your irp5 on record. your employer may already have submitted it.