SUBMITTIG YOUR TAX RETURNS

How Do You File Your Taxes?

Taxpayers are required to submit a tax return to SARS so that the revenue service can calculate their tax liability based on the income they declare and the tax-deductible expenses they have incurred for a year of assessment.

Taxpayers who have not received an auto-assessment—or who did not accept the assessment from Tax SARS—will not be required to manually file an ITR12 tax return.

Tax Threshold in South Africa..

What is a tax threshold?

The tax threshold is adjusted each year for inflation. In addition, there is a higher threshold for those over the age of 65 but not yet 75 years old, and an even higher threshold for those over. 

In South Africa, you are required to pay income tax if you earn more than: R95 750 and you are younger than 65 years. If you are 65 or older but younger than 75 years old, the tax threshold (i.e. the amount above which income tax becomes payable) is R148 217.

How Do you Submit your Income Tax Returns to SARS? 

The first thing to do is sign up for an account on the SARS eFiling portal. To sign up, just fill out the form with your details and choose a username and password when prompted. After registering for an eFiling account, select the “Submit Returns” menu option to begin filing your taxes online.The next step is to choose the tax year and category from the drop-down options, then continue with the rest of the steps to file your taxes. This step will require you to input data regarding your income, expenses, and tax credits. Before sending in your taxes, double-check and verify everything. You can use the eFiling website to provide supporting documents, such as receipts or bank statements.Also, file your tax return before the SARS deadline to avoid penalties and interest.