SARS Tax Return

Last Updated on September 21, 2023 by ufiling

SARS (South African Revenue Service) is responsible for collecting taxes in South Africa. When it comes to filing tax returns with SARS, there are a few key points to consider. Here’s a brief discussion about the SARS tax return process:

  1. Filing Period: In South Africa, the tax year runs from March 1st to February 28th/29th of the following year. Taxpayers are required to submit their tax returns within specific deadlines set by SARS. These deadlines are typically announced by SARS and may vary from year to year.
  2. Taxpayer Categories: SARS tax returns are filed by individuals, companies, trusts, and other entities, each having their specific tax return forms. Individuals are required to use the ITR12 form for their personal income tax returns, while companies use the ITR14 form. Other entities such as partnerships, close corporations, and trusts have different forms depending on their structure.
  3. Completing the Tax Return: The tax return forms provided by SARS require taxpayers to provide accurate and detailed information about their income, expenses, deductions, and any other relevant financial information. It is essential to gather all the necessary documentation, such as income certificates, expense receipts, and investment statements, to ensure accurate reporting.
  4. Submitting the Tax Return: Tax returns can be submitted to SARS through various channels, including eFiling (SARS’ online platform), the SARS MobiApp, or by visiting a SARS branch in person. The online submission methods are typically more convenient and allow for quicker processing.
  5. Assessment and Payment: Once the tax return is submitted, SARS will assess the information provided and calculate the tax liability or refund due to the taxpayer. If additional information or clarification is required, SARS may request supporting documents or conduct an audit. Taxpayers are then notified of the assessment outcome, and if there is a tax payable, payment must be made by the specified due date.
  6. Penalties and Interest: Failure to submit a tax return or pay the tax owed within the prescribed timelines may result in penalties and interest charges imposed by SARS. It’s important to comply with the deadlines and requirements to avoid any unnecessary fines or legal consequences.
  7. Seeking Assistance: Tax matters can be complex, and it is advisable to seek professional assistance from tax practitioners or accountants to ensure accurate and compliant tax returns. They can help navigate the complexities of the tax system, maximize deductions, and provide guidance on any specific tax issues relevant to your situation.

It’s worth noting that tax laws and regulations are subject to change, so it is important to consult the latest information and guidelines provided by SARS when filing your tax return.

Top 15 Online Courses and Degrees to improve your employability

Technology and Computer Science Online Courses and Online degrees:

– Computer Science 101 Online Course from Stanford University through edX is a beginner-friendly course that introduces the core concepts of Computer Science, available for free with an option for certification for a fee.
– Programming for Everybody Online degree — Getting Started with Python** by the University of Michigan on Coursera is intended as an entry-level coding class, freely accessible with an optional paid certificate.

Web Development: Online Courses and Online degrees

– Introduction to HTML offered by Codecademy covers HTML basics for free, with advanced options available through paid upgrades.
– Dash by General Assembly is a free course that teaches HTML, CSS, and JavaScript through hands-on project learning.

AI and Data Science: Online Courses and Online degrees

Introduction to Big Data Online Courses provided by the University of San Diego via Coursera delves into the fundamentals of big data, available at no cost with a certificate available for an extra charge.
Machine Learning Online Degrees by Stanford University on Coursera is a broad course on machine learning, data mining, and statistical pattern recognition, free to access with optional certification.

Business and Management: Online Courses and Online degrees

The PG Diploma in Data Science Online Course from IIIT-B focuses on a variety of programming languages and tools and is developed in partnership with leading industry players.
– A Business Analytics Certification Online degree draws attention especially for those targeting analyst and managerial roles, covering essential tools for analytics and data visualization.

Cloud Computing: Online Courses and Online degrees

– The Advanced Certification in Cloud Computing is targeted at engineering graduates looking to fill roles such as Cloud Developer or Cloud Architect.

Project Management and Software Development: Online Courses and Online degrees

Online degrees in Project Management from leading universities incorporate essential management concepts and business communication.
– The MSc. in Computer Science Online degree from Liverpool John Moores University provides the same level of quality and exposure as on-campus degrees through an 18-month online format.

Cybersecurity: Online Courses and Online degrees

The Advanced Certificate Programme in Cyber Security by upGrad and IIIT-B offers an in-depth learning experience over 12 months, combining content hours, projects, and live sessions.

Platforms Offering Diverse Learning Opportunities: Online Courses and Online degrees

FutureLearn offers accelerated courses, microcredentials, and professional certificates across multiple fields with various payment options including subscriptions.
Coursera partners with over 275 universities and organizations worldwide, offering a wide range of degrees and professional certificates.
Udacity specializes in IT and technology courses, with nanodegrees and programs designed in collaboration with industry leaders.
– Codecademy focuses on coding and programming, providing free learning opportunities in various coding languages with additional professional development programs.

These courses and degrees are designed to equip individuals with in-demand skills across various sectors, enhancing employability and providing valuable certifications. Whether interested in technology, data science, business, or other areas, these online resources offer flexible and comprehensive ways to learn and advance in your career.