Personal Tax Returns - Venaccuracc expert accountants 5 tips to ensuring a fuss free personal tax filing experience.

If you haven’t already done so, then you need to diarise these dates for personal tax filing in South Africa:

• 1 July 2021 – 23 November 2021 for non-provisional tax payers
• 16 August 2021 – 23 November 2021 for non-provisional tax payers who require assistance filing at a SARS branch.
•  1 July 2021- 31 January 2022 for provisional tax payers and trusts filling online via eFiling or at a SARS branch.

Once you’ve diarised the dates set aside some time to go through the SARS eFiling process videos or tutorials - view here to decide if you feel confident to file your personal tax, and if not make sure to give the Venaccuracc accounting experts a call here well in advance so that we can help you have a stress free personal tax season this year.

To further make your life easier we’ve put together 5 steps to get you ready for personal tax season.

Venaccurac’s Personal Tax Readiness Step #1: Determine whether you need to file a tax return based on the tax threshold amount.

You would only need to file a tax return if you received taxable income over the tax threshold. The tax threshold amounts for 2021 are:

• R83 100 if you are younger than 65.
• R128 650 if you are between 65-75
• R143 850 if you are older than 75

If you are unsure whether you should be filing a tax return, give the Venaccurac team a call here and we will assist you.

Venaccurac’s Personal Tax Readiness Step #2: Determine whether you need to file a tax return based on eligibility of auto-assessment.

SARS is continuing to roll out auto-assessments for personal tax.  If you have been notified that you are eligible for an auto-assessment and your gross income exceptions, deductions and rebates are reflecting correctly you can accept the auto assessment.  For more information visit the SARS website here.

Venaccurac’s Personal Tax Readiness Step #3: Determine whether you need to file a tax return manually or by auto-assessment based on your gross income.

Another reason you may not be selected to complete an auto-assessment for your personal tax return is if your gross earnings are below a certain threshold. This may be because your income consists of the following categories of income:

• South African sourced interest (not from a tax free investment) less than:
• R23 800 for individuals below the age of 65
• R34 500 for individuals age 65 and older
• Amounts received from a tax free investment
• Remuneration not exceeding R500 000 from one employer where that employer deducted the required tax.
• You received certain allowances during the tax year

Make sure you get in touch with the Venaccurac team of experts to help you ascertain your personal tax situation by getting in touch with us here.

Venaccurac’s Personal Tax Readiness Step #4: Determine whether you need to file a tax return based on the number of employers you have.

As a South African tax resident, if you have earned over the tax threshold, you will need to file a tax return even if you changed jobs part-way through the year or have more than one employer.

If you are unsure whether you should be filing a tax return, get in touch with the Venaccuracc team here today.

Venaccurac’s Personal Tax Readiness Step #5: Determine whether you need to file a tax return based on certain criteria:

There are some situations, as a South African tax resident, where you may be required to submit a tax return whether your taxable income was exceeded or was less than the tax threshold.  These may include:

• If you ran a business as the business owner in South Africa or outside of South Africa
• If you sold assets where the capital gain or loss was more than R40 000 for that tax year.
• If you owned foreign currency or assets with a total value more than R250 000 during the tax year.
• If you earned a foreign salary as an employee outside South Africa.
• If you earned income or capital gains from foreign currency/assets outside of South Africa
• If SARS sent you a tax return and asked you to complete it.

For a great deal more technical detail visit the SARS website here or if you are finding the “ifs” and “buts” difficult to decipher then the Venaccuracc team is here to help you get the right documentation in at the right time.

View our website here.