Filing an individual tax return can seem confusing, especially if you’re not sure whether it applies to you or how to do it correctly. In South Africa, the South African Revenue Service (SARS) requires individuals who meet certain income or employment conditions to declare their earnings, deductions, and tax liabilities each year. Whether you’re a salaried employee, freelancer, landlord, or investor, understanding your tax responsibilities is key to staying compliant—and avoiding unnecessary penalties. Below, SG&CO answers the most common questions about individual tax returns to help you navigate the process with clarity and confidence.
FAQs: Individual Tax Return
What is an individual tax return?
An individual tax return is a document submitted to the tax authorities (such as SARS in South Africa) that reports your income, deductions, and tax payable or refundable for a specific tax year.
Who needs to file an individual tax return?
Individuals earning above the SARS tax threshold, those with multiple income sources, freelancers, and anyone required by SARS to declare income must file a tax return.
When is the deadline for filing an individual tax return?
SARS sets deadlines each year for tax return submissions. Deadlines vary depending on whether you file online, via eFiling, or manually at a SARS branch.
What happens if I don’t submit my tax return?
Failure to submit on time can result in penalties, interest on outstanding tax, and legal action by SARS. Continuous non-compliance may affect your ability to apply for loans or tax clearance certificates.
What information do I need to file my tax return?
You’ll need your IRP5/IT3(a) from your employer, proof of additional income, medical aid and retirement annuity contributions, travel logs (if claiming deductions), and any other relevant supporting documents.
Can I file my tax return myself, or do I need an accountant?
You can file your tax return using SARS eFiling, but an accountant can ensure accuracy, maximize deductions, and help you avoid costly mistakes or penalties.
What deductions can I claim on my individual tax return?
Deductions include medical aid contributions, retirement annuity contributions, home office expenses (for qualifying remote workers), and travel allowances, among others.
How do I check if I am due for a tax refund?
After submitting your tax return, SARS will assess whether you have overpaid tax. If so, a refund will be processed into your registered bank account, provided your tax affairs are up to date.
How long does SARS take to process a tax return?
Processing times vary, but most returns are assessed within a few days. If selected for audit or verification, it may take longer.
Can I correct a mistake on my tax return after submitting it?
Yes. If you made an error, you can submit a correction (Request for Correction) via SARS eFiling. However, if SARS has already finalized the assessment, you may need to lodge an objection.
SG&CO offers comprehensive financial advisory services tailored for SMEs. We understand the unique financing challenges faced by small businesses in South Africa and can guide you through the various funding options available, ensuring that you make the best choice for your business’s specific needs.
Whether you need assistance filing your return or want expert help to maximize your tax efficiency, we’re here to support you. Get in touch today and let’s make tax season stress-free.
Accounting Services
We provide tailored accounting services designed to propel small and medium-sized enterprises towards sustainable growth and compliance confidence.