30 March 2022 at 17:58
Must admit I don't understand tax. I now have a negative amount on the statement of accounts balance. What does it mean?
30 March 2022 at 7:57
A: The minus sign means that according to their records you owe a negative amount i.e. SARS owes you a refund. Normally, if you’re owed a refund, this will be electronically processed and usually reflects in your bank account within 2 – 3 days of the ITA34, assessment being issued.
There are instances when your refund isn’t released immediately. If you’re expecting a refund and it doesn’t show in your bank account more than a week after receiving your ITA34, then you may want to look into one of the following reasons as a possibility for the delay.
Please see our blog for more details here https://www.taxtim.com/za/blog/when-will-i-get-my-refund-from-sars
Follow these steps and you'll be able to view a summary of any tax amounts owing or refunded to you.