Help, I just received a REDUCED ASSESSMENT ITA34 from SARS. I submitted my tax return but at that time for tax period 2013/2014 I hadn't received a small portion I cashed from my company provident fund to settle study debt when I left me previous company on the 28th Feb 2014.
My original assessment indicated I was due -R9,460.29, the latest assessment indicates that I'm only due -R0.19. Reason for the Reduced Assessment is "Income no declared".
The Provident Fun withdrawal amount was R137,769, I withdrew R32,152.29. Based on this amount, the first R22,500 is tax freet and I paid tax to the amount of R1737.55 on the taxable portion, R9652.29. The balance of my provident fund withdrawal was transferred to a Preservation Fund at another financial institution.
My ITA34 reads as follows:
"Thank you for submitting your income tax return for the 2014 year of assessment. Your assessment has been concluded and reflects an amount refundable to you of R -0.19
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 -9460.29..."
The bottom of my statement indicates 'Net amount refundable under this assessment = -R0.19"
Does this mean that SARS isn't going to refund my what they owe me?
What do I do? Is SARS penalising me because I submitted my return in error. This doesn't make sense as I paid tax which SARS received. I only received the "income" into my bank account in may and it's rightfully mine and I paid tax on it.