The team at MyWealth Investments are constantly working to assist the Regenesys community with responsible management of their financial matters. The following information will help you with your tax return, but it should not be regarded as financial advice. If in doubt, consult your financial advisor or the team at MyWealth Investments.
The South African Revenue Services (SARS) has announced that taxpayers will be able to file their tax returns from 1 July 2021.
According to the South African Revenue Services, they will again this year auto-assess a significant number of individual taxpayers.
Important dates that taxpayers should be aware of are:
1 July to 23 November 2021
- This is the period for taxpayers to file their tax returns online.
- Taxpayers who are not able to file their returns via eFiling or the SARS Mobi App can make an appointment and submit their tax returns at a SARS branch.
1 July to 28 January 2021
- This is the period for provisional taxpayers and Trusts to file their tax returns via eFiling or the SARS Mobi App.
From the opening of the new tax season, SARS will start assessing a significant number of taxpayers automatically. “If you accept the outcome of the assessment, you do not have to file a tax return at all,” it said.
According to SARS it will auto-assess taxpayers based on the data received from employers, financial institutions, medical schemes, retirement annuity fund administrators and other third-party data providers.
The recommendation at present is to rather reject the auto-assessment and ensure that all calculations are accurate and that any possible deductions are properly included and assessed. Please consult your tax practitioner should you have any queries or concerns.
If you accept the results of your auto-assessment and if there is a refund due to you, the refund will be paid by SARS directly into your bank account.
If you owe SARS money, you can make a payment on eFiling, via EFT or the SARS Mobi App by the specified due date on your notice of assessment or even call the SARS contact centre to arrange for a payment plan.
If you have not yet received your IRP 5 / IT3(a) tax certificates, your investment and medical aid certificates, you should contact your employer and services providers to ensure that they have submitted the information to SARS.
Happy eFiling.
Sneak preview:
In our next edition we will begin to unpack the panel discussion held on the 24th of June 2021 on the “Greatest Economic Discoveries and Opportunities offered by Blockchain Technology”.
Spearheaded by Annatjie van Rooyen, CEO of MyWealthInvestments, valuable information and ideas were presented. Please keep a lookout for the next edition of our newsletter, which will include the first section in a series regarding this relevant and interesting topic.
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