As if tax wasn’t confusing already we can often get even more confused when it comes to tax terminology and definitions. So what is the difference between Tax Season and Tax Year?
Definition of Tax Season
Tax Season is the period in which taxpayers must file their tax returns. The South African Revenue Service begins tax season for individuals on the 1 July each year with tax season usually closing the last Friday of November of the same year.
During Tax Season, you need to submit your income tax return (ITR12) to SARS. They will reconcile the tax on your income and the tax-deductible expenses for the year of assessment. Which in some cases can result in a really nice tax refund.
Definition of Tax Year
For an individual, the tax year runs from 1 March until 28/29 February of the following year.
Tax information provided in partnership with TaxTim. Image designed by Freepik.
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