Filing Your Tax Return
Methods
The most common way to file your tax return is online, through SARS' e-Filing.
All returns are filed through the ITR12 form, where all income and allowable expenses are documented.
Other filing options are available, both virtually and physically:
Using the SARS MobiApp.
Filing electronically at a SARS branch to get direct assistance. SARS requires that a booking is made before showing up.
Completing a tax return viz the e-Filing platform.
Remember:
The tax year runs between March 1st and Feb 28th/29th every year.
Filing Your Return
Registration
The easiest way to complete your personal tax return is through e-Filing, which you must register for here with valid identification (South African ID or foreign passport). If you have not registered as a taxpayer before, your e-Filing registration will automatically allocate you with a tax reference number.
Unsure About Registration?
If you are unsure whether you are registered as a tax-payer, use the SARS query function.
Filing
Begin by logging into SARS e-Filing with your registered details. After logging in, proceed to ‘Returns Issued’ and then ‘Personal Income Tax (ITR12)’ and go to the tax year you wish to file for – if need be, select the year in the drop-down menu and click ‘Request Return’. Click the 'My tax return ITR12' link to begin filing.
Customize your tax return by answering questions required by SARS. Check that you have all supporting documents and information, input the relevant fields (remember to distinguish between capital and revenue amounts) and submit the return.
SARS have created a simple yet valuable video guide on submitting a ITR12 return here.
How Recap Can Help
Recap makes filling simple. Our market-leading tax platform calculates crypto tax liabilities for South African crypto investors, using the SARS requested FIFO cost basis method.
Our three-step approach calculates your taxes in minutes.
1. Step 1 - Connect your wallets and exchanges
Recap supports all major crypto-exchanges to make getting your transaction data into our platform simple. We also support data from dead exchanges or anywhere else via CSV file. We take your security and privacy very seriously and use end-to-end encryption to protect your data.
2. Step 2 - Check your data
Recap shows you errors and gaps in your data so you can easily get things in order. We apply automated valuations, tax clarifications and use FIFO to calculate your tax position. If needed you can manually add trades, adjust clarifications and tweak your data so you're happy.
3. Step 3 - File your return
See your tax position and download your tax forms ready to file with SARS. If you need a hand, our team are available on our in-app chat to answer your queries and we work closely with South African crypto-tax experts, Crypto Tax Consulting (a division of Tax Consulting South Africa) for all your professional advice requirements.
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