With the end of tax season fast approaching it is worth reminding you of the tax filing dates for 2022.

 

>     1 July 2022 to 23 January 2023

 -     Provisional taxpayers

-      including Trusts who file via eFiling or on SARS' MobiApp.  

It is vital that you submit your return before the deadlines as SARS now imposes administrative penalties for late submissions.

If you are under 65 years of age and your income during the 2022 tax year exceeded R87 300, or if you are over 65 and your income exceeded R151 100 you will have to submit a return.

If you earned less than R500 000 from a single employer, had no other sources of income, and you do not need to claim any deductions for business expenses, you are not required to file a return.

Many individual taxpayers will be auto-assessed again this year, and you will receive an SMS from SARS if this is the case. When received, simply log into eFiling or the MobiApp to view your assessment. If you agree with the assessment there is nothing more to do; the return will be regarded as submitted and final. If you however disagree with the assessment, you have 40 working days from the date of assessment to access your return and complete it yourself.

With this end of tax season, we have found that quite a few of our Members have had to face their returns being verified.

This involves a comparison of this information against third party data gathered by SARS from various sources, the financial and accounting records and/or other supporting documents provided by taxpayers to ensure that the declaration/return is a fair and accurate representation of the taxpayer's tax position.

Once you have submitted your declaration/return, your declaration/return could be selected for verification, and any taxpayer can be selected for verification.

If you are selected for verification, you will be notified by SARS through an official letter. This letter will indicate the due date/time frames within which you must submit either:

>     The requested relevant material (supporting documents) / other information/ forms; or

>     A request for correction (“RFC”) (which must be submitted if you wish to change your original declaration).

If you do not respond by submitting a RFC or providing the relevant material, a second letter will be sent to you. If you still do not respond within the specified timelines, a revised assessment will be issued based on the data at SARS' disposal, which may not be to your advantage.

Should you require our assistance, or have any questions as the main Member, you can find us on Twitter, Facebook and WhatsApp on 071 640 0337 and we will gladly contact you and advise you on your tax matter.