Revenue Service (SARS) has announced the start of the taxpayer filing season.
Income collectors said the filing season is from July 1st to November 23rd and taxpayers are encouraged to file. online..
According to SARS, taxpayers who cannot file online can physically file at the SARS branch. Reservation only, The physical branch was temporarily closed due to concerns about the third wave of Covid-19 infection, which is currently affecting the country.
The temporary closure of the tax office has traditionally not affected the start of the individual filing season for filing via eFiling or SARS MobiApp.
These taxpayers said they were encouraged to continue this digitally from 1 July 2021. However, the branch application will not start on this day.
“At this stage, we plan to begin a physical branch visit on August 16, 2021, and we will continue to confirm this. Taxpayers are advised not to come to the SARS branch. Reopening date. The branch will be closed until an announcement is made to confirm. “
Taxpayers who need to help with online submissions during the branch’s closure will be assisted by phone with the help of SARS’s dedicated staff, he said.
Automatic evaluation and refund
SARS guarantees that the filing season will not be affected by the blockade, but there are some important considerations, says Tax Consulting SA, a professional tax consultancy.
The most important of these is the issue of automatic evaluation and refunds.
According to Tax Consulting SA, SARS can speed up the tax filing process by performing automatic assessments, sometimes without notice.
“This means that SARS will automatically complete the assessment based on data received from employers, healthcare systems, retirement pensions and other third-party data providers.
“Don’t be surprised to find an automated rating that is preloaded in your profile and ready to accept.”
Automatic assessments are aimed at curbing non-compliance, but may result in forfeiture of refunds and other forms of tax deductions, Tax Consulting SA said.
“It’s important to make sure that all information is reflected in the assessment and recorded correctly. Travel allowances and rental income are examples of income that may not have been automatically included.
“Once the automatic evaluation is complete and loaded into your profile, we recommend that you seek expert advice before accepting it or editing your return information yourself.”
Following an automated assessment, expatriates often avoid full disclosure when filing returns, according to tax consulting SAs.
“The view that SARS cannot be taxed on what is invisible can be dangerous to hold.
“Even if you work in another country, the Common Reporting Standards (CRS) Agreement is there to facilitate the exchange of information between countries, especially on earnings and investments abroad.
“SARS has easy access to this information and can assume tax returns with an automated valuation based on CRS reports. If you have offshore investments, declare them on your tax returns to avoid legal implications. Don’t forget that. “
South Africa’s tax season has begun – what you need to know about blockades and filings
Source link South Africa’s tax season has begun – what you need to know about blockades and filings