In the Capital Gains section of the annual tax return (ITR12), SARS requires you to insert the relevant asset source code for the item you have sold. However, when you sell financial investments (e.g shares) the financial institution issues an IT3(c) which shows the profit/loss source code (i.e4250/4251) and not the asset source code. This causes confusion for taxpayers, who think th...
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When a Tax Return is filed usually SARS issues an immediate assessment (ITA34), however sometimes they do need to do a further manual check on their side.
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What is an auto-assessment?
This is an automatic assessment issued by SARS to certain taxpayers.
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Completion Letter
You will receive a Completion Letter if all goes well and SARS is happy with your documents. This means that SARS is not adjusting your Original Assessment and if you have a refund due, it should be paid out in 7 working days (provided you have no tax debt due or outstanding tax returns from prior years). Similarly, if you owe tax to SARS per your Original Assessment, the amount you owe will remain unchanged.
If SARS have issued you an Auto Assessment, you will need to follow these steps to reject it so that we can help you to complete and submit your return to SARS.
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