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Negative amount on my SARS statement



Q: Negative amount on my SARS statement

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Ayanda says:
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?

TaxTim TaxTim says:
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.

  • Audit/ Verification
  • Banking Details
  • Outstanding Returns
  • Unpaid Balances

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.

  • Click on the RETURNS tab in the menu of eFiling;
  • Click SARS correspondence.
  • Click Request Historic IT notices.
  • Click Statement of account; and
  • Select your date range.




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