Tax season is upon us!
If the thought of filing your tax return makes your head hurt or spin, here are a few suggestions to streamline the process:
- Bear in mind that this year, the window to submit your personal income tax return as a non-provisional taxpayer is from 1 July until 24 October. Rather do it now than leave it to the last minute. SARS is very strict about implementing penalties for late submissions. Penalties are based on your taxable income, starting at R250 and going up to R16 000 for each month that your return is late.
- Be honest about your tax claim. There are also strict penalties for incorrect submissions, even if they are accidental. Make sure that you can prove and verify everything you are claiming for by means of invoices, bank statements, certificates, etc.
- Using the SARS online e-Filing service is the way to go. If you plan on filing at a branch, you will need to make an appointment. Walk-ins will not be permitted.
- SARS might send you an auto-assessment notification via SMS, based on the information submitted by your employer, bank, medical aid, retirement fund, etc. If you are happy with the result of the auto-assessment, you don’t have to file at all! But if you disagree with it, you will need to make changes on the e-Filing platform or the SARS mobile app within 40 business days.
- When you complete your return on the e-Filing platform, remember that a negative amount means that SARS will pay you a refund – this usually happens within 72 hours. If the amount is positive, you will need to pay SARS. If you have any queries about e-Filing, you can call 0800 7277 between 08h00 and 17h00 on business days.
If you have a complaint related to SARS, and you have already gone through the SARS complaint process, remember that you can lodge a complaint with the Office of the Tax Ombud.
T&Cs apply. The NMG SA Group of Companies are authorised financial services providers t/a NMG Benefits.
