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Have you been auto-assessed by Sars? Here's what you need to know

12 August 2020 7:34 PM
Tags:
SARS
The Money Show
Bruce Whitfield
South African Revenue Service
income tax
taxpayer
Thamsanqa Msiza
Sars auto-assessment
Tax Consulting South Africa

Tax expert Thamsanqa Msiza (Tax Consulting South Africa) tells The Money Show what taxpayers need to check and be aware of.

In August, we will assess a significant number of taxpayers automatically. If you accept the outcome, you do not have to complete a return because we would have done that for you.

The South African Revenue Service

The new system of auto-assessment introduced by the South African Revenue Service (Sars) could take a load off your admin, but could it also land you in trouble?

Think twice before accepting, warns The Money Show's Bruce Whitfield.

He gets input from Thamsanqa Msiza, Head of Individual Tax Returns at Tax Consulting South Africa.

Taxpayers need to first carefully look at that return that has been pre-populated and prepared for them.

Thamsanqa Msiza, Head of Individual Tax Returns - Tax Consulting South Africa

Make sure that all the amounts that are there and all the information that is disclosed, matches the document that they received from the third party providers like your employer, your medical institution, your RA administrator...

Thamsanqa Msiza, Head of Individual Tax Returns - Tax Consulting South Africa

Msiza says they have been seeing "a few" mistakes, as one would expect with a new system.

Here's just one example:

For an individual who has savings or investments with three institutions - two certificates are uploaded, but one isn't. It's important that the taxpayer ensures that certificate is part of the return.

Thamsanqa Msiza, Head of Individual Tax Returns - Tax Consulting South Africa

If it's left out, Sars might see that as a deliberate act to exclude information.

Thamsanqa Msiza, Head of Individual Tax Returns - Tax Consulting South Africa

Unfortunately there is no guarantee [that all info will be correct]. In a perfect world, what we all are hoping for, is that this system is successful because it really does take the pressure off the taxpayer and it makes compliance so easy.

Thamsanqa Msiza, Head of Individual Tax Returns - Tax Consulting South Africa

For more useful info on auto-assessment, take a listen:


This article first appeared on 702 : Have you been auto-assessed by Sars? Here's what you need to know


12 August 2020 7:34 PM
Tags:
SARS
The Money Show
Bruce Whitfield
South African Revenue Service
income tax
taxpayer
Thamsanqa Msiza
Sars auto-assessment
Tax Consulting South Africa

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