Before submitting an IT12 tax return to SARS, several key steps should be completed to ensure the accuracy and completeness of the return. Here is a general process to follow. At the end of each point there are some links to more detail in this help screen.
1. Data Entry and Verification: Ensure all income, deductions, and credits are accurately entered into the relevant sections of the return. This includes checking pre-populated data from SARS, such as IRP5 information, and filling in additional data like foreign income, investment income, or business income(ACCFINSKY)(ACCFINSKY).
2. Handling Specific Income Sources: For specific income types like foreign income or business income, you may need to capture them manually, especially if they are not pre-filled on an IRP5. Ensure all relevant source codes and deductions are included(ACCFINSKY)(ACCFINSKY).
3. Running a Tax Calculation: Once all the data is captured, run a tax calculation on the system to preview the return. This will give you a preliminary view of the final tax payable or refund due(ACCFINSKY)(ACCFINSKY).
4. Pre-Assessment Check: Use a pre-assessment tool to compare your tax calculation with what SARS is likely to assess. This step can help catch discrepancies, like missing or outdated source codes, before submission(ACCFINSKY).
5. Storing Supporting Documents: Store all relevant documents in case SARS requests them for verification. This is important for claims such as tax credits or deductions(
6. Final Submission: After verifying the details and resolving any discrepancies, submit the IT12 return via the eFiling system(ACCFINSKY).
Following these steps will help ensure a smooth submission process to SARS. For more detailed instructions, you can refer to the relevant sections on AccfinSky.
