Did you know that a significant number of individual taxpayers will be ‘Auto Assessed’ again this year.
What does this mean?
‘Auto Assessed’ means that SARS will submit a taxpayers return on their behalf if they have a basic tax return. This will be a tax return that has something as simple as an IRP5 and a medical aid or even retirement annuity.
The question we get asked frequently is: “but how does SARS know that all the information on the tax return is correct?” Well, through third party data that gets pulled through from financial institutions, medical schemes, retirement annuity fund administrators and other 3rd party data providers. This does not mean to say that the tax return is indeed correct, but not to worry, we can help with that!
If you find that SARS did submit your return on your behalf and there is information missing, we can file an additional tax return in which we will then add the missing information.
Filing season will commence on the 1st July 2022 and closes on the 24th October 2022 for all non-provisional tax payers. For provisional taxpayers filing season will close on the 31st January 2023.
Note: SARS has made provisions for taxpayers who wish to go into SARS to file a tax return. This is done only VIA appointments and you can schedule an appointment by sending an SMS to SARS on the number 47277. Please include in the SMS your ID number and your tax number.
Contact Alchemy Tax Department today if you have received an ‘Auto Assessment’ and we will check the accuracy on your behalf, and for any other any queries you may have during this tax filing season. You can contact us on +27 11 795 8100.