The 2021 tax season for the period 1 March 2020 to 28 February 2021 opened on 1 July this year, covering one of the toughest financial periods companies and individuals have faced in decades.
In this article, you will find a brief outline of the rates, basic deductions and deadlines that apply to you and your company, as well as a helpful summary of what needs to be done now to ensure deadlines are met and penalties are avoided.
We also red-flag certain issues that will require careful attention and look at what has changed since last season, including intensified scrutiny of certain taxpayers, SARS’ improved data-collection abilities and the much harsher consequences of non-compliance.