Home SARS SARS Tax Season To Open Soon For South Africans

SARS Tax Season To Open Soon For South Africans

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Taxation is an important tool for countries to ensure they have the necessary funds needed to provide essential services to their citizens. It’s almost that time of year again, tax season.

The South African Revenue Service (SARS) has declared that the 2022 tax season will run from 1 July 2022 to 24 October 2022.

Taxpayers will be able to file their tax returns on SARS’ eFiling website or at a SARS branch. Filing your tax return at a SARS branch is by appointment only. Provisional taxpayers including Trusts may file their tax returns via eFiling website or using the SARS MobiApp.

Personal Finance Expert Maya Fisher-French says in preparation for filing tax returns, taxpayers should gather all the documentation needed. She also encourages taxpayers to log into the SARS website to make sure their details are up to date.

Some documents needed include IRP5 forms, IT3 forms, tax certificates for investment income, tax-free investment certificates and retirement annuity documentation. Fisher-French adds that if you travel, you will be required to update your log book.

Many people will receive an auto assessment from SARS. This auto assessment is more common for taxpayers with a single income from an employer. SARS will collect the data from third parties and auto-populate the information on your tax return.

“It’s extremely important that you verify it. So first of all, you’ve only got 40 days from the time it’s issued to make any changes so if they [SARS] made a mistake and they’re over taxing you, you need to update that and if they are under taxing you, I’m afraid you’re going to have to declare the income,” explained Fisher-French.

Failure to declare any income could result in taxpayers having to pay a penalty. It is therefore important that you verify the information contained in the auto assessment.

“Ignorance is no excuse when it comes to SARS so please, it’s very important that if you get auto assessed that you go in and you still verify it and check all of that information” concluded Fisher-French.

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