The tax season for the 2021 financial year has already started.
Tax Deadline
Taxpayers have until 23 November 2021 to submit their tax returns. Taxpayers who are provisional taxpayers, have until 28 January 2022.
Home office expenses
All individuals who have worked from home during the lockdown, can claim expenses on their tax returns for home office expenses. Click here to read the requirements.
Certificates from 3rd parties
Medical aids, retirement annuity funds etc sends certificates to SARS to indicate the contributions made by the taxpayer for the year. It does happen that the information on the certificate is incorrect, and thus, the incorrect information will be added to your tax return. It is not possible to amend this information on your tax return any more.
If you do find that a certificate has incorrect information, an amended one must be requested from the medical aid or fund. They also have to resubmit it to SARS. This is still not a guarantee that the certificate will then be correct on your tax return. If this is the case, the return must be submitted, and a dispute done immediately.
Sole proprietors and tax
Sole proprietors also have to submit their personal income tax returns now. They would typically be provisional taxpayers, thus they have until 28 January 2022 to submit. The business details of the sole proprietor, the profit or loss, will be indicated under business income.
Audits
Once you have submitted your return, SARS will issue an assessment with your return results. This assessment will also indicate whether your return has been chosen for audit, the first stage which is called a review. Once you have submitted your documents to SARS, they have 21 business days to conclude the review or ask for more information from the taxpayer. When SARS has not concluded the review, a request to escalate the review can be made.
How long do I have to wait for my tax refund?
If your tax return results in SARS owing you a refund, and has not been chosen for a review or audit, the refund will be paid to you in 7 business days.
Click to read more about moving an eFiling profile.
Cost
The cost to submit tax returns, is R400 per return.
The cost of audits will be based on the amount of work to be performed, as this is quite a complex process which involves a lot of work and interacting with SARS.
Company registrations – R400
This includes one name reservation, a company registration, as well as an income tax number. BEE certificates and tax clearances can be supplied at an additional cost. Click here to read more.
Monthly accounting work
Monthly accounting work starts from R750 per month. This includes capturing of the bank statements, calculating and submitting VAT where applicable.
Employer reconciliation can now be submitted for the period 1 March 2021 to 30 August 2021.