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Gear up as tax season is coming

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With the tax season quickly approaching the South African Revenue Services (SARS) has announced that it will be helping individuals submit their tax return for the 2020 tax season, in light of the Covid-19 pandemic.
Instructions on how this will work are available on the website. “Where we have the required information we will provide you with a proposed assessment without the need to file a tax return. This enables you to view, accept or edit your proposed assessment from the comfort of your home or place of work using eFiling or Sars MobiApp.”
Polokwane Observer spoke to Donald Kaletsane of Grind Audits, a company that assists small business and individuals to submit their tax returns, on what you need to know, especially if you will be submitting for the first time this year.
According to Kaletsane tax returns are a calculation of an individual or and entities income that is payable to Sars.
He says that these returns are payable to Sars on an annual basis with the tax season opening up on 1 September.
“For your tax returns you need to submit a proof of your income and expenditures. If you are employed your payslip will do, along with proof of any other monies you receive. One can also submit proof of expenditures such as a vehicle, if you use your personal vehicle for work purposes. Your ID and tax clearance certificate are also necessary.”
Kaletsane says tax returns can be submitted manually or via eFiling.
“If you register once for eFiling it becomes easier because you then only have to submit the required documents.”
According to Kaletsane if a business did not make any profit, it is still liable to file tax returns, “In this case you will file for a loss, and you may be exempted from some payments.”
Kaletsane says if you are not sure whether you need to submit your returns, a questionnaire is available on the Sars website.
He says the most important thing to remember is to always be honest about your dealings. He says that some people tend to make up expenditure to try and get away from their returns.
“The law has penalties for individuals or companies that are found to be evading tax. The truth always comes out and you will be caught.”

Story: Umpha Manenzhe