A friendly reminder of the follow deadlines:
31st January 2022 ITR12 Formal assessment 2021 submission due date for provisional tax payers
28th February 2022 2nd Provisional payment for the 2022 year of assessment due
1st March 2022 Start of the 2023 tax year. Consider adding to your Tax-Free Savings account
NEW: Taxpayers can now request lump sum tax directive simulations directly on their eFiling profile
Please refer to the below practice note published by Allan Gray
To assist taxpayers and their tax practitioners, the South African Revenue Service (SARS) has made a Lump Sum Calculation tool available on the taxpayer’s eFiling profile. This tool may be used to easily determine a member’s estimated tax liability on retirement fund lump sums and severance benefits and can also be used to obtain previously issued tax directives.
The tool estimates the tax liability based on the information that is entered into the Lump Sum Calculator and the information that SARS has on its system at the time of capturing. Taxpayers and tax practitioners are encouraged to use this tool should they wish to get an estimate of their tax liability prior to submitting an instruction to their retirement fund administrator and/or employer, as the instruction cannot be cancelled once it has been submitted.
To access this Lump Sum Calculation tool, select the ‘Lump Sum Calculator’ option on the landing page of the taxpayer’s eFiling profile. For more information, you may refer to SARS’s external ‘Guide to The Tax Directive Functionality on eFiling’ on their website.
Should you have any queries or require any assistance with your tax returns, please email: kirsten@resolutewealth.co.za
