I received a reduced assessment and the conclusion was that a certain amount was refundable to me but it never paid out SARS paid me amount from previous assessment what does the reduced assessment mean?
The reduced assessment means that your amount owing to SARS is actually less or that the refund is bigger. Please have a look at the second paragrapgh on that assessment and see if there is an overall balance?
Maggssays: 30 June 2014 at 22:32
This is what is on the assessment(Thank you for submitting your income tax return for the 2013 year of assessment. Your assessment has been concluded and reflects an amount refundable to you of R -85604.92
Please note that this amount only reflects your income tax assessment and does not reflect tax payable under any previous assessment or any other balances on your account. The current balance on your assessed account is R -1736.95. For a statement reflecting your final balance (including all amounts payable or refundable under any previous assessment, refunds, payments, additional taxes/ understatement penalties, penalties and interest), please request your statement of account from SARS through the following channels: I do not understand what it means because I was assessed with incomplete information and the result was what is on the second paragraph after supporting documents the result was what is on the first paragraph
TaxTimsays: 30 June 2014 at 22:35
This means that you are owed R1736.95, did you have to submit supporting documents?
Maggssays: 1 July 2014 at 17:15
Yes I had to submit the pension pay-out IRP5, The first assessment was based on one IRP5 from my 11months of employment the calculation result was R-1737.37,then I had to submit the second IRP5 for the lump sum payment I received after resigning. Which reflected the above information.
TaxTimsays: 1 July 2014 at 17:28
Ok that is fine, you will be paid out the R1737.37 in a matter of days.
Maggssays: 1 July 2014 at 22:18
What does tax credits and adjustments mean? And how does it affect the assessment my tax credits and adjustments are R197678 and tax liability R112073 as the subtotal
TaxTimsays: 1 July 2014 at 22:42
This means the amount which has already been allocated to you. IF on the second paragraph on the latest ITA34 has a negative, this means you are due a refund.
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