GENERAL

A to Z of Taxation

• Always file a TAX DECLARATION with the Inland Revenue Department ON taking up employment
  
  
• By March 31, employees MUST file their Tax Return
  
  
• Child Allowance:  under 10 years - $1,000; over 10 years and attending school - $2,000
  
  
• Donations under a deed of covenant for at least three years in favour of any religious, charitable, medical or educational institution or sporting body are allowed as deductions
  
  
• Employers must issue TD5 Certificates, (Parts 1 & 2) to their employees by the last day of January.  Employees leaving during the Income Year must also be given Parts 1 & 2 of TD4 Certificates
  
  
• Further return of information may be requested by the Inland Revenue Department.  Failure to respond may result in penalties
  
  
• Garnishee Orders will be issued to defaulting taxpayers
  
  
• House Tax paid for an owner occupied dwelling house may be claimed as a deduction when completing your Income Tax Return
  
  
• Interest at the rate of 12.5 percent per annum is added to outstanding amounts for instalments
  
  
• Jointly owned residence occupied by two or more persons  -  option can be exercised in apportioning claims
  
  
• Keep all required documents to support claims made on your Income Tax Return
  
  
• Land & House Taxes island-wide is now January 30, 2007 of the Inland Revenue Department
  
  
• Notices of Assessment are issued for all Income Tax Returns filed
  
  
• Objections to Assessment must be made in writing to the Comptroller within 30 days from the date of postage stating precisely the grounds for objecting
  
  
• Personal Allowance  -  $14,000
  
  
• Questions you may have will be answered by the Taxpayer Assistance Unit of the Inland Revenue Department
  
  
• Registration is a MUST for individuals, self-employed persons and companies
  
  
• Student Loan Interest  -  $3,000
  
  
• TD5 Certificates received for an income  year from more than one employer must be attached to ONE Income Tax Return
  
  
• Unlimited Medical Expenses may be claimed with proof of amounts expended
  
  
• Voluntary Compliance  -  the main goal of the Inland Revenue Department
  
  
• Wages/Salaries from ALL sources must be included  in your Income Tax Return
  
  
• X  This paragraph of Section 25 (1) of the Income Tax Act exempts income from fishing or agriculture
  
  
• You must sign the General Declaration Section located on page four (4) of the Income Tax Return
  
  
• Zoom on down to the Inland Revenue Department.  Do file your Tax Return before the Deadline !!!