TAX season 2023: How much time do you have left to file?

The tax season 2023 countdown has begun. If you haven’t filed already, what are you waiting for!? Individual taxpayers have until 23 October 2023 to submit their tax returns. The good news for those reluctant filers among you, submitting your return in the run-up to the tax season 2023 countdown is far less complicated that it used to be.

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We chatted with Legal & Tax and decided to compile a basic tax season 2023 countdown guide for reluctant or first-time filers to help speed up the process.

TAX SEASON 2023 COUNTDOWN

The simplest way to file a tax return is to register on SARS eFiling. The service retrieves all your tax information through your profile. These include your income tax return form (ITR12) as well as statements of accounts from third party providers.

WHAT IS TAX AND HOW IS IT COLLECTED?

The South African Revenue Service (SARS) levies tax on all income/profit generated in the country. You tax is assessed over a 12-month period starting from 1 March to 28 February the following year.

WHAT DO I NEED TO REGISTER FOR EFILING?

• Simply visit www.sarsefiling.co.za to register. You will have to upload the following documents:
• Copy of your ID.
• Proof of your residential address.
• A bank statement that reflects the name of your bank, your name, account type and account number.
• Please note that the documents may not be older than three months.
• Your latest IRP5/IT3(a) income tax certificate – this must reflect your income tax reference number.

MUST EVERYONE SUBMIT A RETURN DURING TAX SEASON?

Not everyone needs to submit a tax return to SARS. But we recommend that you still do even if you earn less than R500 000. This rule is aimed at employees earning less than the quoted figure and working for only one employer for the full tax year.

YOU HAVE TO FILE IF …

• If you changed employers during the year or had multiple sources of income (ie. an entrepreneur or freelancer).
• If you receive remuneration other than salary, e.g. a travelling allowance.
• If you have a medical aid or retirement annuity that is not administrated through your employer’s payroll.

WHAT DOCUMENTS DOES SARS NEED?

Not all of these might apply to your tax return needs but, broadly, these are documents you should have close at hand to double check against in information in your SARS profile.

• Your IRP5/IT3(a) tax certificate.
• Medical aid tax certificate (if applicable).
• Retirement annuity tax certificate (if applicable).
• Full details of your vehicle (If you have a travel allowance/company car).
• This includes a logbook specifying business kilometres.
• Statement of other income earned besides your salary. For example, business or rental income, etc.
• Section 18(A) certificates for any charitable donations you wish to include in your tax return.
• Any correspondence you received from SARS in the past.

If any of the IRP5/IT3(a) documents on your tax return – from your employer, bank, medical aid scheme, retirement annuity fund, investment manager and other relevant service providers – are incorrect, you will need to contact them directly to resupply to SARS.

SARS HELPDESK NUMBER

All queries, including those to receive your individual tax number, the changing of banking details and how to reset your password can be done via the SARS Contact Centre on 0800 00 7277 (SARS). The centre is open between 08h00-17h00 (excluding weekends and public holidays). Or go to www.sarsefiling.co.za to resolve these issues online.

The tax season 2023 countdown continues. Individual taxpayers have until 23 October 2023, to review and file their income tax return.

This article is for informational purposes only and should not be construed as financial, tax or legal advice. For further details consult the SARS website or get in touch with a tax specialist like Legal & Tax.