Guide on Income Tax and the Individual (2020/21)
On 30 August 2021 SARS issued the 16th issue of its Guide on Income Tax and the Individual, which provides for the latest tax amendments. The guide specifically relates to the 2021 year of assessment of individuals, which ended on 28 February 2021.
Issue 16 of the Guide on Income Tax and the Individual includes the amendments effected by the Taxation Laws Amendment Act 23 of 2020 and the Tax Administration Laws Amendment Act 24 of 2020, as well as the Rates and Monetary Amounts and Amendment of Revenue Laws Act 22 of 2020, which were all promulgated on 20 January 2021. It also includes amendments effected by the Disaster Management Tax Relief Act 13 of 2020 and the Disaster Management Tax Relief Administration Act 14 of 2020, which were both promulgated on 5 November 2020. As the year of assessment of an individual ends on the last day of February, these amendments are applicable to the years of assessment commencing on or after 1 March 2020 and ending on 28 February 2021 (that is, the 2021 year of assessment).
The Guide provides an overview of the tax rules applying to individuals under the following headings:
- When is an individual liable for income tax?
- What is a year of assessment for an individual?
- What are some of the different kinds of income that an individual can be taxed on?
- Do all individuals have to register as taxpayers and submit income tax returns?
- To whom is the income tax payable?
- When is income tax payable?
- What is employees’ tax?
- What proof does an employee have of employees’ tax deducted from his or her earnings?
- What is provisional tax?
- What happens on assessment?
- Penalties
- Interest
- Criminal offences
A copy of the guide can be accessed here.
02/09/2021
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