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TaxTim says: 22 July 2013 at 16:52 When you make an objection and the objection is accepted, SARS sends out a second revised assessment / IT34A. The problem is that the second assessment assumes that payment for the first has already been completed, thus if you were due a refund before and now your refund is less - SARS will reflect a rather confusing owed amount (they assume you have been paid the bigger first amount). Ultimately though they reconcile the values and your net refund should arrive in your account in a few days time. For example: First IT34A (before audit): SARS says: ?%u20AC%u0153Your assessment has been concluded and reflects an amount refundable to you of R-16 636.10?%u20AC? SARS owes you R16.6k as per your assessment. The minus sign means that according to their records you owe a negative amount i.e. SARS owes you. Second IT34A (after audit): SARS says: ?%u20AC%u0153Your assessment has been concluded and reflects an amount payable by you of R10 662.00.?%u20AC? You think ?%u20AC%u0153Oh no!?%u20AC?, but ignore this and continue reading to the bottom?%u20AC? SARS continues: ?%u20AC%u0153The current balance on your assessed account is R -5 974.10.?%u20AC? Now that SARS has completed the audit, they have made changes to how much you should be refunded and now agree to refund you only R5.9k. The best way to get clarity and see the combined total (what is the net amount actually owed to you) is to request a new ITSA ?%u20AC%u201C a Statement of Account. This can be done by following the easy steps below on SARS eFiling, visiting your local SARS branch or calling the SARS Contact Centre on 0800 00 SARS (7277). 1. Click on the RETURNS tab in the to menu of eFiling; 2. Click SARS correspondence; 3. Click Request Historic IT notices; 4. Click Statement of account; and 5. Select your date range. Follow these steps and you?%u20AC%u2122ll be able to view a summary of any tax amounts owing or refunded to you. The final amount will be the overall refund. |
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