Tax season is here again and if you happened to miss the tax deadline submission on the 29th January 2021, then you might be relieved to hear that the deadline for provisional taxpayers has been extended by SARS to the 15th of February due to the effects of the pandemic.
The decision was made to reduce the spread of Covid19 for the protection of staff and the general public as well as to encourage those not yet in the habit of filling their tax returns via eFiling to do so.
The following is a checklist to assist you in submitting your tax returns via eFiling if you need a refresher or are not yet acquainted with the eFiling system:
- Ensure that you have your IRP5/IT3(a)s and other relevant tax certificates at hand so that the information you need is readily accessible.
- Make sure that your personal details are up to date on the SARS eFiling system.
- If you have already been auto-assessed by SARS they will have by now notified you already and you will not be required to file a return by 15th February as the process has already been taken care of by SARS.
- If you have not received an auto-assessment notification by SARS then you will have up until the 15th of February to submit your provisional tax returns via eFiling.
There are step by step instructions on the SARS eFiling to assist you along the way, and if you should get stuck at any point you can contact a SARS agent and they will be able to assist you to complete your eFiling telephonically.
In other tax-related news, for those of you who haven’t heard already, Xero VAT is due to launch soon. The cloud-based software will help you to keep track of your VAT expenses as they occur and will ensure that your records are up to date and complete in preparation for submission to SARS.
Have any tax-related queries related to the above? Contact Red Dot Now for expert accounting and financial advice.