2020 Tax Season for Individuals
- Jun
- 12
- 2020
- Posted by MDACC
- Posted in Taxation Blog
- 2
2020 Tax Season for Individuals
With the Covid19 pandemic, SARS has delayed the official start of the individual tax season from 1 July 2020 to 1 September 2020
SARS is encouraging all taxpayers to use e-filing channels to file their tax returns and avoid those never-ending queues at the SARS offices while staying safe.
Deadline Dates:
- Manual 2020 tax return submission (via a visit to any SARS branch office by appointment) is 31 October 2020
- Non-provisional taxpayers via e-filing is 16 November 2020 (employed individuals who earn an income from one or more employer)
- Provisional taxpayers via e-filing is 31 January 2021 (individuals with other forms of income – investment income, sole trader, rental income or directors of companies/members of close corporations)
SARS will be issuing assessments automatically without submission of the tax returns (their new “Auto-assessment” process)
In August 2020 SARS will automatically assess a number of taxpayers – if you have been selected for auto-assessment, SARS will send you an SMS. You can either accept the assessment (if accepted you do not have to submit a tax return at all) OR make changes to your tax return from 1 September 2020 via efiling.
Auto assessments will be based on data received from employers and third-party data providers (e.g. medical schemes and financial institutions) – if you have not received your IRP5/IT3(a) or any other tax certificates for the 2020 tax year, you should contact your employer, medical scheme, RAF or other financial institutions.
NB! It is important that the auto-assessment is reviewed before accepting as the onus is on the taxpayer to ensure that this assessment is 100% accurate. Please advise us if you receive any communication from SARS directly to assist you with this new process and to ensure your 2020 affairs have been correctly assessed.
All material subject to our Legal Disclaimers.
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Thanks for all this very important information. This article will help us.
Hi
Thank you so much for the positive feedback, we appreciate it!