What is a TAX Return

It is a form that is filed with a tax authority each tax year. A tax return reports on the income, expenses and rebates, tax liability, tax deductions, payables and adjustments applicable to the individual or company submitting the tax return ensuring the amount of tax paid is correct.

Tax returns must be filed at the relevant intervals applicable to that tax type. 

Understanding tax returns 

In South Africa, tax returns are filed with the South African Revenue Service (SARS). Taxpayers are required to submit a return to SARS if they earn above the tax threshold.

There are a variety of tax returns, for example but not limited to: 

• VAT returns 
• Individual Income tax Returns
• Corporate IT Returns
• Trust IT Returns
• Transfer Duty 
• Payroll Tax Returns 
• Provisional Tax Returns 

Special Considerations 

• SARS Requires taxpayers to retain their tax records for a period of 5 years. Read How Long to Keep your Tax Records 
• Tax Rates - Each tax has its own tax rate for example VAT at 15% and CIT at 27% and Dividends tax at 20%.
• Make sure you are aware of the various deadlines and tax seasons to ensure you file a tax return timeously.
• Tax Credits - There are a variety of allowances and rebates that will be specific to a type of taxpayers.
• Capital Gains Tax - This is factored in your income tax returns once the CGT calculation has been done.
• Tax Refund - SARS can withhold your refunds if you are not tax compliant.

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• Complete Individual proposal request form
• Complete Company, Micro Business or Small Business proposal request form
• Complete Trust proposal request form
• Book a video or telephone call
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