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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By now you would have seen the latest announcement by the SARS commissioner to increase the qualifying threshold for certain taxpayers to submit a tax return from R350 000 to R500 000. Along with this news, came some changes to the tax season filing dates and deadlines.
Our help desk has been received many queries about these changes. Since the start of tax season is just around the corner, we...
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We receive many questions to our Helpdesk from taxpayers who are faced with the following scenario:
They work for two employers during the year, perhaps even at the same time and earn income from both. Each employer deducts employee’s tax (PAYE) from the taxpayer’s salary every month and issue them with an IRP5 after year end.
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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.
We are starting to see some common trends whereby taxpayers’ expenses are disallowed because the documents submitted are falling short of SARS’s requirements. To avoid unnecessary frustration and time wasted in raising disputes, read on to see if any of these areas apply to you.
Travel deduction
In prior years, the submission of a logbook detailing your business mileage used to be sufficient to justify your travel claim. This year, SARS is re...
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We receive many queries from confused taxpayers who are disappointed to see their tax refunds are smaller than the refund received last year. Often, on the surface, their income and expense situation appears unchanged, so how can this be?
If you are one of these unhappy taxpayers, read on to see some common reasons why your tax refund could be less than last year.
Carried forward retirement contributions
This one is not obvious at all and confuses many taxpayers...
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