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INDIVIDUALS 2021 INCOME TAX / 2022 PROVISIONAL TAX SUBMISSIONS

04 August 2021

Tax Returns

It feels like yesterday we had to submit our 2020 individual income tax returns, but the 2021 individual income tax submissions are upon us and here is what you need to know:

1 July to 23 November 2021: Timeline for non-provisional taxpayers who file online

Those who cannot file online, or makes use of a registered tax practitioner, can do so at a SARS branch by appointment only.

1 July 2021 to 31 January 2022: Timeline for registered provisional taxpayers

In 2020, SARS instituted a system whereby certain taxpayers’ income tax returns are auto-assessed based only on information provided by third parties, such as your employer (IRP5) and medical aid.
This system is still in place in 2021 and we strongly urge all taxpayers to NOT MERELY ACCEPT such an assessment. We recommend that you contact Ambiton Accounting Advisory Services or your personal registered tax practitioner (if you do not submit your returns personally, and even then) to verify all information used by SARS to confirm whether the assessment is a true reflection of your income tax liability. 
As an example, any person with a travel allowance who receives a SARS auto-assessment MUST edit the income tax return as SARS does not take any mileage into account.

Documents you will require (if applicable) for your income tax assessment:
  1. Employer / Pension / Provident Fund IRP5 / IT3a certificate – annual income and PAYE (tax) paid during the relevant tax year
  2. Bank institution IT3(b) certificate – local interest earned on bank account(s)
  3. Any other Financial institution IT3(b) certificate – local interest, foreign interest, local and foreign exempt dividends, Real Estate Investment Trust (REIT) dividends earned on investments
  4. Financial institution IT3(c) certificate – capital gain / loss for the tax year on your investment
  5. Financial institution IT3(f) certificate – retirement funding contributions
  6. Financial institution IT3(s) certificate – tax-free savings product annual contribution and income
  7. Medical aid tax certificate
  8. Logbook in event of travel / car allowance including invoice of vehicle used
Additional documents which will be required should you have investment property (letting of residential accommodation) or trading as a sole proprietor (other business / trade income):
Investment property:
  1. Rental agreement
  2. Monthly municipal accounts
  3. Levy statements
  4. Repairs and maintenance invoices
  5. Bond statements
  6. Insurance premium on such property
  7. Any other expenses directly attributable to the property in question.
Other business / trade income:
  1. Sales invoices
  2. Proof of any expenses directly attributable to the income
  3. Assets used in business
  4. Proof of value and date of purchase

2022 FIRST PROVISIONAL TAX SUBMISSIONS:

If you are a registered provisional taxpayer, the deadline date for submission and payment (if applicable) of your 2022 first provisional tax return is 31 August 2021. Once again, we urge all provisional taxpayers to provide relevant up-to-date (1 March to at least 31 July 2021) income information, including expenses relating to rental property or other income if applicable, in order for your registered tax practitioner to calculate the potential annual income tax liability based on the information on hand. And remember, late payment will result in a 10% penalty charged by SARS.

Information you will require (if applicable) for your provisional tax submission and relates to the period 1 March 2021 to 31 July 2021 as a minimum:

  1. July pay slip indicating year to date totals
  2. Estimate on investment income earned from bank and any other financial institution
  3. Retirement Annuity contributions
  4. Estimate of business vs total mileage in the event of a travel / car allowance *
  5. Investment property income and expenses *
  6. Other business / trade income sales invoices and expenses *
* If not actuals an estimate is to be provided
As a tax client, we can extract all income tax certificates for products included in your Ambiton Financial Services (broker) portfolio.

Ambiton Accounting Advisory Services is here to assist you and can provide the required assistance for you to focus on what’s most important to you.

Please feel free to contact our offices on 041 581 7170 or via e-mail at itcertificates@ambiton.co.za for a fee estimate.

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