Annual income tax returns are submitted via eFiling to SARS on or before specific deadlines and each return are vastly different for each type of taxpayer (individual – ITR12, company – IT14 or trust – IT12TR).

The income tax return data for companies and trusts are compiled from the annual financial statements. The income tax return data for individuals greatly depends on the type of income the individual has earned during a specific tax year and which deductions are allowed in respect thereof.

The information that is reflected on the annual income tax return must be accurate and correct, especially pertaining to individuals, as penalties and interest would accrue due to incorrect information being furnished upon submission of the return. The new strict penalty regime is imposed as part of the Tax Administration Act (TAA) of South Africa.

Quality assurance is our standard at ShoniNelushi Accountants, we strictly adhere to this as more responsibilities are given by SARS to tax specialists, accountants and auditors. We do foresee that this trend by SARS will continue in the future, thereby levying more responsibility and quality verification onto the shoulders of the taxpayer and tax consultants.