Individual income tax documentation.

Do you sometimes wonder what documentation are necessary for the submission of your income tax return? Well here is a detailed explanation of the required documentation that you, your tax technician or accountant require. Take note that these examples are the most popular ones and that you should consult your tax technician or accountant if you have any other form of income or expenses that you need to declare.

Firstly, let’s start with the income: An employee employed more than 24 hours a month: IRP5 or IT3(a) income tax certificate. The only difference between the IRP5 and IT3(a) certificate is that the IRP5 reflects the PAYE deducted, whereas the IT3(a) has no PAYE deduction and reflects the reason code for non-deduction of PAYE. Interest, dividends, REIT or any other income from an investment: IT3(b) income tax certificate. Capital gain or capital loss on their investment: IT3(c) income tax certificate. Capital gain or loss on sale of a residence: The purchase agreement as well as the sales agreement of the house. Generating rental income: Their rental income for each month as well as their rental expenses (example: Rates and taxes, mortgage loan statements, electricity and water, levies, repairs and maintenance, property rental agency commission, etc.) for each month.

Commission earners that can claim deductions: All deductible expenses (example: home office expenses, fuel, toll, telephone, entertainment, etc.) together with their IRP5 income tax certificate. Trading in cryptocurrencies: The capital gains or losses summary. Tax-free savings account or investments: IT3(s) income tax certificate.

Secondly, the deductions and rebates: Medical aid contributions and expenses: The medical aid contribution certificate is required as well as the slips and proof of payments for all the additional medical expenses not covered by the medical aid but reflected on this certificate. Also, the slips and proof of payment for any additional medical expenses not covered by the medical aid and not reflecting on the medical aid contribution certificate.

Retirement annuity contributions: The retirement annuity contribution certificate. Donations to a PBO (Public benefit organizations): The section 18A donations certificate. Travel allowance deduction: Your detailed logbook, purchase contract and/or invoice of your vehicle. The detailed logbook should clearly indicate your opening and closing kilometers, business and private kilometers, detailed description of trips and clients visited, as well as your vehicle make, model and registration number. These are only some of the required documentation, therefore it may vary from your income tax documentation requirements. We would gladly assist you with any questions pertaining to this article as well as additional required documentation and information for your income tax return.


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