Tax time - be prepared


COVID-19 has presented our country with many challenges. SARS has responded to the pandemic and made some key changes to the tax filing season this year.

Some of these changes effect the employers to ensure that they are compliant, and all taxpayer information is submitted ahead of when individuals need to submit their returns.

So, what do I need to know this year regarding my tax return?

SARS has introduced this system, where you may be eligible for an auto-assessment if all 3rd party data providers have sent your information to SARS and you have always submitted in the past a simple return with no additional income or expenses.

If all your third-party details have been processed to SARS, they will issue an auto-assessment. We suggest you OPT OUT of this one. It is nice that they will do the work for you but in this assessment, they won’t include any deductions you may have, for example, medical expenses, Retirement Annuity contributions, donations etc. You may lose out on a refund. Rather take a little extra time to file your tax return.

What are your other options to file your tax return?

  • Log onto SARS e-filing and complete your return yourself.
  • Use the SARS mobile app
  • Use the services of a tax practitioner $$$$
  • Use an online digital platform to assist you take you through the filing process. We dig the team at Tax Tim for this.
  • Last resort will be to visit a SARS branch in your area – maybe not so lekker

HOT TIP: Use TaxTim to file your tax this season to guarantee you get your maximum possible tax refund. TaxTim will ask you easy to understand questions, in plain English (no tax knowledge required!) and convert your answers into a fully completed tax return, ready for submission to SARS, all in under 20 minutes!

  • Save on expensive tax accountant fees
  • Maximise your possible refund
  • Tax Professional assistance

Important dates:

General salaried employee – you have between 1 September 2020 and 16 November 2020 to submit your tax return.

Provisional taxpayer – your tax season is from 1 September 2020 to 31 January 2021. Click here to find out just what a Provisional taxpayer is.

What do I need to submit my return?

There are a few documents you will need when submitting your return. Try and start collecting these now.

  • IRP5 – obtain from your employer. Shows your income received and tax paid as well as other benefits that SARS will want to see.
  • Certificates from companies where you earned local interest and foreign income. This is called an IT3(b). EasyEquities clients can access them here (you will be prompted to log into your account to retrieve).
  • Medical aid tax certificate.
  • Retirement Annuity contribution certificate. SARS calls is IT3(f).
  • Logbook if you receive a travel allowance.
  • If you sold an asset, SARS will need to Capital Gain made on the investment. If you have investments, you will receive an IT3(c) certificate.
  • Donations tax certificates for contributions to charities. You can only claim the deduction if you contributed to a registered Public Benefit Organisation and they issued you a s18A tax certificate 

If you are wondering whether you should or need to submit a tax return, we would encourage everyone, no matter their earnings to complete a tax return online. If you do not need to pay tax, the system will let you know of this. At least you have filed a return and are in the SARS good boy books. You never know when you might need them.

How do I get my tax certificate