SARS has initiated auto-assessments for the 2024 tax season, with the filing season starting on July 15, 2024, for both provisional and non-provisional taxpayers. This initiative aims to simplify tax filing by leveraging technology and data, but it’s crucial for taxpayers to remain vigilant throughout the process.
For individual taxpayers, the filing season runs from July 15 to October 21, 2024. Provisional taxpayers have until January 20, 2025, while trusts can file between September 16, 2024, and January 20, 2025. These deadlines must be adhered to in order to avoid penalties and ensure compliance with SARS regulations.
Taxpayers should ensure that their email, phone number, and banking details are up to date on the SARS eFiling platform or the SARS MobiApp. Keeping these details current ensures that taxpayers receive all necessary communication from SARS and avoid delays in refunds or other processes.
The number of taxpayers included in the auto-assessment process has increased from 3.8 million to 4.8 million. This expansion highlights SARS's commitment to using technology to streamline tax administration. However, not all taxpayers are included in this automated system.
High-net-worth individuals are generally excluded from auto-assessments due to the complexity of their tax affairs. These individuals are advised to continue filing their returns manually to account for more detailed financial information.
If you agree with the auto-assessment issued by SARS, no action is required, and any refunds will be processed within 72 hours. However, if you disagree with the assessment, you can make changes and file your return by October 21, 2024, using eFiling or the SARS MobiApp.
Certain rebates, such as the solar tax rebate, require taxpayers to complete and file their tax returns manually, even if they have been auto assessed. Be sure to submit a full return if you plan to claim these rebates.
With SARS’s enhanced use of technology, detecting non-compliance has become more sophisticated. Taxpayers are advised to avoid inflating expenses or under-declaring income, as this could lead to penalties, additional taxes, or even criminal charges.
To avoid any complications, it’s essential to verify that all income and deductions are correctly captured in the auto-assessment. Ensuring accuracy will help you avoid additional taxes, penalties, or unnecessary delays during the filing season.
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