Taxpayers residing in South Africa need to submit the tax return to the responsible body for fiscal control purposes. In addition, according to tax deductions, there may be tax refund.
It means that the taxpayer in certain cases may have reimbursement according to the expenses present in the declaration.
If you declare your income tax, you must submit an annual income tax return to SARS.
If you want to get more information about the SARS tax return and understand how this works, follow below:
- What is a Tax Return?
- SARS Tax Return Deadline
- How to Submit SARS Tax Return?
- SARS CIT Return Requirements
What is a Tax Return?
The tax return is a kind of form that the country’s workers must fill out to inform the government of their earnings in the year.
In addition to revenue in salary form, it is necessary to declare information such as expenses and acquisitions of goods.
As such, the tax liability of taxpayers can be calculated and, consequently, schedule payments or reimbursement for excess tax.
According to SARS, both individuals and companies must submit the tax return.
Repayable rents must also be included in the tax return, such as wages, interest, dividends, capital gains or other profits.
SARS Tax Return Deadline
Annually, people must obey the term of the income tax statement, because that is when the IRS is dedicated to the calculation.
In this year of 2019, the government of South Africa postponed the deadline for those who lost the date could regain their return of outstanding taxes.
In this way, you can apply administrative sanctions.
As well as SARS tax return 2018, you can fill your tax return by the deadline of 31 October.
While the tax return 2017 deadline was until November 24th, SARS tax return deadline 2018 was extended until October 31st, as occurs this year.
How to Submit SARS Tax Return?
Knowing how to submit your tax return is the first step so that you can be regularly with SARS.
This body reported that the system will be able to handle the return.
For this to happen properly, it is necessary to enter the SARS electronic filing system and generate your tax return ITR12.
The electronic tax return system will guide you through the process with forms related to your employment and income related to your SARS tax return IRP5.
You must faithfully follow the statement deadline.
If you do not fill out your tax return, or add non-existent accounts in order to obtain extra refunds, you must face legal and legal sanctions, as the income tax statement is something governed by law in the country.
Therefore, it is extremely important that people obey deadlines and not seek to add non-existent information or omit them.
SARS CIT Return Requirements
Check below the filing requirements for Corporate Income Tax:
Every company or other juristic person, which is a resident that:
- Held assets with a cost of more than R1 000 or had liabilities of more than R1 000 at any time during the 2018 year of assessment
- Had taxable income, an assessed loss or an assessed capital loss must submit a return.
- Derived any capital gain or capital loss of more than R1 000 from the disposal of an asset to which the Eight Schedule of the Income Tax Act applies,
- Derived gross income of more than R1.000.