Tax season 2021 – information & documentation required for completion and filing of your income tax return

Dear client,

Tax season 2021 kicks off on 1 July 2021, and we would like to give you a broad idea of the information & documentation required by us, your tax practitioners, in order to complete and submit your returns:

Information, specifically if there have been any changes:
  • Up to date email, physical and postal addresses;
  • Work, home and cellular telephone contact details;
  • Banking details for SARS to effect any potential tax refunds;  and
  • Marital status (in community, out of community, out of community with accrual)
Documentation required (per tax year):
  • For employment income, a copy of your IRP5 or IT3a certificates;
  • For retirement income, the relevant IRP5 certificates;
  • For lump sums received (retirement or when withdrawing from your retirement funds) the relevant IRP5 certificates and tax directives;
  • Investment income:
    • IT3b certificates for interest and dividends received on ALL banking & investment accounts;
    • IT3c certificates for capital gains realised on ALL investment accounts;
    • Tax free savings account contributions certificates;
  • Details of all assets sold during the year (land, buildings, investment properties, etc), as well as their acquisition date & cost for capital gains tax purposes;
Deductible items:
  • If you received a travel allowance or use of a company vehicle, a logbook for all business trips undertaken + vehicle details;
  • Contributions certificates for:
    • Provident fund;
    • Retirement annuity fund;
    • Medical aid fund;
  • Medical expenses which were not paid for by your medical aid (invoices and proof of payment essential);
  • If you, your spouse or your child has a disability, please have the relevant medical practitioner complete and sign an ITR-DD, the deduction formula allows is greater deductions for medical expenses incurred for persons with disabilities;
  • For any donations to Section 18A Public Benefit Organisations, the relevant receipts issued by the PBO’s;
  • If more than 50% of your employment income was derived from commission:
    • Home office expenses;
    • Entertainment expenses;
    • Vehicle logbook + details and other expenses for business related travel;
    • Summary of other expenses incurred in earning the commission income;
  • If you worked from home for more than half the year and had a dedicated home office:
    • Home office expenses
Income other than employment income:
  • If you earned any rental income during the year:
    • Summary of rental income earned;
    • Summary of expenses relating to the rental property;
    • Bond account statements for the year / annual bond interest certificate in order to claim interest & bank charges;
  • If you earned any income from a business conducted in your own name:
    • Summary of the monthly income earned;
    • Summary of expenses incurred in generating the business income;
  • If you earned any income from crypto currency trading or arbitrage.

This list is by no means complete, it is aimed at the most frequent information & documentation required during the completion of an individual’s annual income tax return. Please let us know if you have any other income or expenses for which you are unsure of the taxation consequences!

The tax season closes on the 23rd of November 2021 for non-provisional taxpayers and on the 31st of January 2022 for provisional taxpayers. Please be sure to submit your information well before these due dates to ensure timeous submission.

We look forward to completing and submitting your return!

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