Calling all taxpayers, this one’s for you!
With tax deadlines fast approaching us, we would like to remind you (all taxpayers) of the start of the individual tax season for 2020 period (1 March 2019 – 28 February 2020) which has been delayed from the 1 July to the 1st of September 2020.
- The deadline for taxpayers who cannot file their tax returns online and who have to go into the SARS branch is on the 22nd of October 2020.
- Non-provisional taxpayers who file on Efiling, your deadline is on the 16th of November 2020.
- The deadline for provisional taxpayers who file on Efiling is on the 31st of January 2021.
For taxpayers with basic tax returns, you will need to prepare the following documents:
- Interest tax certificates
- Medical aid certificates
- Retirement Annuity Certificates
- S18A Donations Certificates
For those who have travel allowances and any rental and business income. You will need to start preparing your detailed logbooks, rental income schedules and income statements.
For those who may not be aware, SARS has introduced a new way of doing things which you might not be familiar with yet.
SARS will be issuing auto assessments for selected taxpayers as from the 1 August however, it is unlikely that most of you would be affected by this. The way this works is that they will complete tax returns based on information from your employer, medical aid scheme, retirement annuity scheme and 3rd party information and issue you your auto assessment.
We understand that this can be slightly confusing, so should you receive an auto- assessment, contact us or your accountant for more information.
If there is any advice we can give to you, this is it:
To get all your tax returns submitted with ease we urge that you start preparing your tax documents so that we can get cracking on your tax returns!! You may delay the preparation of your income tax returns but time will not stop and before we know it September will be upon us!
More info regarding the automated process by SARS here