The filing season for individuals is closing on 23 November 2021. Here are some important pointers to consider and to help you complete a sanity check on your tax return ensuring you have gathered all the required information and have covered all bases.

• Banks and financial institutions are legally obliged to provide all your data related to income and earnings to SARS – but always check individual tax certificates from these institutions against your tax return on SARS eFiling!!
• SARS can withhold a refund due to you if you are under criminal investigation. Criminal sanctions for minor offences:
  • Previously one could only be guilty of a criminal offence for non-compliance where there was “willful intent” to not comply – very difficult to prove!!
  • Now – if “negligence” can be proved then criminal charges can be imposed – this is very significant!!
  • Can result in a fine or imprisonment for up to two years.      
• Completing an ITR12 is relatively straightforward for those taxpayers who don’t have complicated structures, with few deductions and don’t have multiple sources of income, such as rental income etc. and SARS is constantly striving to make the process simpler.
• However, it’s very important to get proper/professional advice when dealing with “out of the ordinary” items – if not:
  • one could either lose out on a significant refund/tax deduction;
  • or be in for a nasty and costly surprise if one gets it wrong!! 

If you need help with completing your tax return, reach out to one of our proffesionals. Details can be found here.