Changes to the 2020 Tax filing season
TAX – ANOTHER OBSTACLE TO ADD TO THE COURSE THAT IS 2020
This year, nothing is usual or routine. The way many of us normally live our lives has been turned upside down, and we have had to navigate the ever-changing landscape of 2020 as if it were a commando course; there has been an obstacle at every turn.
The last thing you probably want to do is add Tax to the long list of obstacles facing you, but the reality is that it’s here and it’s not going away.
Fortunately, our Team is here to help you overcome this specific obstacle with ease!
CHANGES TO THE 2020 TAX FILING SEASON
In support of the president’s decision to stop the spread of the coronavirus by observing social distancing and reducing movement, SARS has amended the 2020 Tax return submission dates. Usually, the Tax season opens for online Tax submissions from 1 July. However, the 2020 Tax filing season will be opening on 1 September 2020. The new dates for individuals are as follows:
1 September 2020 to 16 November 2020: Taxpayers who file online
1 September 2020 to 22 October 2020: Taxpayers who are not able to file electronically can do so at a SARS branch by appointment
1 September 2020 to 29 January 2021: Provisional Taxpayers who file electronically
WHAT CAN YOU DO IN THE INTERIM?
Be front-footed! Now is an excellent time to get your Tax matters ready to ensure a smooth filing experience. Make sure you have received all your necessary Tax documents. These could include:
· IRP5/IT3(a) certificate
· Medical-aid certificate
· Retirement annuity fund certificate
· Other third-party data that is relevant in determining your tax obligations
· IT3(b)s from financial institutions
SARS will have most of the above information, and a mismatch in information will trigger a request for supporting documents which can cause a delay in getting your tax affairs in order or in receiving any refund due to you.
WE WILL CARRY YOUR LOAD
Once you have received these documents, send them our way! Then you can focus on tackling whatever else you need to, while we ensure a successful filing season for you.
SHOULD YOU USE THE SARS AUTO-ASSESSMENT SERVICE?
We don’t recommend using the SARS Auto-Assessment because it doesn’t include your claimable items, e.g. medical aid or retirement annuity, which means you will not receive any refund if it is due. Secondly, if you accept the auto assessment, it may throw out your previous years’ returns. Thirdly, by working with us, you have an extra month to ensure you have all the necessary documentation. Trust us – your professional tax practitioners – to confirm the correct amounts and receive what’s due to you.
CONTACT OUR TAX DEPARTMENT FOR ALL YOUR TAX-RELATED NEEDS
Written by Courtney Trollip – Senior Tax Assistant