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Tips to be ready for the tax season

Cape Town - The tax season for filing individual returns commences on July 1 2015.

When it comes to tax returns preparation is everything, so it is time to get moving, cautions Lisa Griffith, associate director at BDO Wealth Advisers.

She offers easy steps for a seamless filing of your tax return:

- Paper or electronic, choose your poison;

- Access a copy of your 2014 return and assessment;

- Make a list called "documents required for 2015 tax return";

- By methodically working through your 2014 tax return, list all your sources of income.

For example: "Salary XYZ Corp", "Interest Bigwig Bank". Put one item per line and after you have exhausted all your sources of income, leave approximately five blank lines;

- Now list your tax-deductible expenses, again with reference to your 2014 return.

Typically these will include, medical aid contributions and expenses, retirement fund contributions and donations, amongst others;

- It becomes a little more challenging now. Apply your mind to any further sources of income and expenditure that you have had during the tax year from March 1 2014 to February 28 2015 and add these to your master list;

- Do not forget capital gains. Typically these are one-offs, for instance a sale of a property or other asset;

- Now you simply have to ensure that you have the documentary evidence for each item, income or expense.

Should you not have an item, now is the time to chase up the institution or put the paperwork together yourself or research or take advice on a difficult or tricky circumstance.

This is a simple plan to tackle the preparation for your return. More complex situations will involve more complex preparation. However, the process will always be the same.

Disclaimer: Fin24 cannot be held liable for any investment decisions made based on the advice given by independent financial service providers. Under the ECT Act and to the fullest extent possible under the applicable law, Fin24 disclaims all responsibility or liability for any damages whatsoever resulting from the use of this site in any manner.

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