Just a few days remain until the 2024 tax filing season kicks off on 15 July. Individual taxpayers have until 21 October to get their tax returns in, while provisional taxpayers have a bit more time, until 20 January 2025.
The South African Revenue Service (SARS) has already started issuing auto-assessments, which are calculated using information received from employers, medical aid schemes, banks, pension, provident and retirement annuity funds, and other institutions.
Taxpayers who are auto-assessed will receive an SMS or email notification and do not need to call or visit a SARS branch, says Ian McAlister, General Manager of payroll and HR company CRS Technologies. “Be sure to check your spam or junk folder to avoid missing the notification.”
If you’re happy with your auto-assessment, there is no need to ‘accept’ it, he adds. “Any refund due to you will be automatically deposited into your bank account within approximately 72 hours, so it’s critical to ensure your banking details with SARS are up to date. If you owe SARS money, payment can be made through eFiling or the SARS MobiApp.”
Taxpayers who disagree with their auto-assessment can request an amendment by filing a return in the usual manner within 40 business days from the date of the assessment.
McAlister points out that while auto-assessments issued by SARS are not subject to any verifications, audits or recalls, all returns submitted by taxpayers will undergo the standard risk screening process. “You may be asked to submit supporting documents to verify the information declared on your tax return.”
CRS Technologies is always available to assist employers throughout the tax season. Contact our team at info@crs.co.za. For more information about the 2024 tax season, click here.
