Retiree Tax Checklist South Africa
SARS requires you to keep all tax-related documents for at least 5 years from the date of assessment.
Pension and Annuity Documents
Collect IRP5 or IT3a certificates from all pension funds and annuity providers. If you took a lump sum, include the tax directive and lump sum certificate.
Medical Expense Records
Gather your medical aid tax certificate and all out-of-pocket medical expense receipts. Retirees 65 and older have broader claim rights for medical expenses.
Interest and Investment Income
Collect IT3b interest certificates from all banks. Remember the higher interest exemption of R34,500 for those 65 and older.
Frequently Asked Questions
How long must I keep these documents?
SARS requires you to keep all tax-related documents for at least 5 years from the date of assessment.
Can Admin Boss help me prepare?
Yes. Admin Boss is a registered tax practice that can help organise your documents and ensure nothing is missed. Visit adminboss.co.za/need-more-info/.
What happens if I miss a document?
Contact the issuer and request a duplicate. For bank statements, download from online banking. Missing documents may result in denied deductions.
Need Help With Your Tax?
Admin Boss is a registered tax practice with over 20 years of experience helping South African individuals and businesses navigate SARS.