Practical Guidance: Completing 2026 ITR12 Filing Season - Part 1
Duration: 2 hours
Price: R195.00
Practical Guidance: Completing 2026 ITR12 Filing Season - Part 1
Presenters : Diane Seccombe
Overview
Individuals submitting their 2026 tax returns face increased verification queries from SARS as it continues to access and analyse third-party data. To minimise the risk of an audit, taxpayers need to understand the legislation referenced in the tax return and the supporting documentation required to discharge the burden of proof for information disclosed in their return.
This video does not cover the eFiling submission process. Instead, it focuses on understanding the contents of the tax return, explaining what the various questions mean, and why SARS requests this information.
Video Content
This video covers, among other topics, the following:
- Recap of South African retirement funds and the taxation of lump sums
- Vested and retirement components on resignation from employment
- South African retirement fund annuities and lump sums paid to UK tax residents
- Changes to the UK tax regime
- Foreign Income and Gains (FIG) four-year tax window
- South African tax directives
- Tax residency
- Tax disclosure relating to the cessation of tax residency
- RAV01 and the tax disclosure requirements for the reinstatement of tax residency
- Beneficial Owner Register IT3(BO)
- Section 10C exemption and PAYE directives
- Foreign collective investment schemes versus offshore endowments
- Adjustment of the primary residence exclusion following the cessation of tax residency
- Unwinding South African trusts
- Non-resident beneficiaries and double taxation
- Capital gains tax (CGT) consequences for local beneficiaries on the disposal of trust assets
- The full impact of the CGT attribution rules
- Foreign employment in South Africa
- Foreign income
- Updated average exchange rates
- Rebates for foreign taxes paid
- Disposal of offshore assets and the disclosure of foreign income
- Conversion of proceeds and base cost into rand, including the applicable exchange rates
- Crypto assets
Competencies Developed
Participants develop the ability to:
- Interpret the key tax disclosure requirements for the 2026 tax return process.
- Identify the documentation required to substantiate tax return disclosures for SARS verification.
- Apply the tax principles relating to retirement funds, lump sums, and tax directives.
- Assess changes in tax residency and the related disclosure requirements.
- Understand the tax treatment of foreign income, offshore assets, and foreign tax rebates.
- Evaluate the tax implications of trusts, capital gains tax, and attribution rules.
- Navigate compliance requirements relating to crypto assets and beneficial ownership reporting.
- Identify potential audit risks and strengthen tax compliance strategies.
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