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How to practically offset an assessed loss

Posted 29 January 2016 under Tax Questions


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Allan says:
29 January 2016 at 15:02

Hi Tim, I owe SARS R240,000 for income tax year 2012. However, when I checked my compliance, I had not submitted an income tax return for 2011. So I submitted this and obtained an assessed loss of more than R1m. How do I practically use this assessed loss of 2011 to get rid of the 2012 debt of R240k on SARS SARS eFiling

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TaxTimTaxTim says:
29 January 2016 at 15:29

You would need to call 0800 00 7277 to have them adjust this and reissue the assessment.


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