The South African Revenue Service (SARS) auto-assessment is coming with a new twist this tax season.
The auto-assessment will not be issued to everyone, neither will it be issued to companies or trusts. If you become aware of an aggrievance within the assessment after the 40 business days to decline the assessment have lapsed, your only avenue of relief would be to lodge an objection against the assessment. If you agreed with all the income and deductions raised, and the subsequent tax debt or refund on the auto assessment, “accepting” the return would mean that you would not be obligated to submit another tax return to SARS for the tax year.
The South African Revenue Service's (SARS) tax filing season kicked off on 1 July. EB Inglis recently received an SMS and email from SARS saying that an ...
There’s a slight change to the revenue collector's auto assessment this year. There’s a slight change to the revenue collector's auto assessment this year. What you need to know about SARS' tax auto assessment
Sars says it has identified a large segment of non-provisional taxpayers who are typically in formal employment and have deductions such as retirement annuity ...
They will have to file a return before the 23 January deadline. Sait’s understanding of the process is that the tax debt owed to Sars will only be payable on 31 January next year. If there is a refund due, Sars has undertaken to pay it within 72 hours after the notification was sent. However, they must be able to proof that they paid the expenses. Once the taxpayer has submitted an edited return, Sars will issue a revised assessment. However, if the taxpayer disagrees, he has 40 business days to file an edited return or ask for another 40 days in which to amend it.