February 29, 2016 brings with it the end of the 2016 tax year. For a company or close corporation with a year-end of February, this means that the 2015 income tax return (ITR14) is due as well as the 2016 second provisional tax return (IRP6). These deadlines apply to individuals who are provisional taxpayers as well.

The ITR14 requires full disclosure of your company or close corporation’s signed-off financial statements and tax calculation. If the numbers are significant enough, the financial statements themselves are required to be uploaded to SARS via e-filing.

Failing the submission and payment of taxes due may mean incurring interest and penalties on top of the tax owing to SARS.

For you as the individual taxpayer, it is necessary to take stock of how much you have contributed to retirement, pension and provident funds and medical aid schemes, as well as what the cost of your assets and liabilities are as at the end of February 2016 if you are a provisional taxpayer. Here are some of the documents to keep handy in case SARS sends you a verification request of your income tax return:

• IRP6 (payslip for the tax year from your employer)
• Tax certificates from medical aid schemes and pension, provident and retirement funds
• Section 18A certificates from charitable organisations for donations made
• IT3(a)s to IT3(c)s (investment income certificates) from banks and other institutions
• Schedule of assets and liabilities valued at cost

It is also time to close off the 2016 logbook and record your odometer reading on your motor vehicle if you travelled for business, as SARS will only grant you a deduction of your business travel if you have kept a logbook in enough detail.