TaxPersonal TaxE&Y warns on tax return deadline

E&Y warns on tax return deadline

As its top tax tip for the New Year, Ernst & Young says taxpayers should make their annual 31 January tax return their main priority.

Link: Revenue promises to ‘read’ SA forms

Returns for 2002/2003 are due in by this date, and relate to income from 6 April 2002 to 5 April 2003.

The firm also encourages tax payers to register to fill in their returns online, but warns that getting a pin number can take up to seven days.

Once the tax return is out of the way, E&Y says its then a good idea to work out how much you owe so ‘you don’t get tempted to spend it all at the January sales’.

The firm also advises taxpayers:

  • to start thinking ahead for 2003/2004
  • to examine if children are making the most out their personal allowances
  • to plan how they are going to dispose of their assets and thereby reduce their capital gain tax bill.

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