CTM Accounting Services

02/08/2020

SARS AUTO-ASSESSMENT

1. What is an auto-assessment?

This is an automatic assessment issued by SARS to certain taxpayers. SARS will use data collected from employers, financial institutions, medical schemes, retirement annuity fund administrators and other 3rd party data providers to generate the assessment automatically, without any input from the taxpayer.

2. Why has SARS introduced this process?

This process was started in 2019 – however, it has been expanded on this year in response to the Covid-19 pandemic and the need for physical distancing. It is intended to remove the need for taxpayers to travel to branches to file returns there.

3. How will I know if I have been auto-assessed?

You should receive a SMS from SARS informing you that you have been selected for auto-assessment. SARS have indicated that the process will start from 1 August 2020.

4. Should I accept the auto-assessment?

You can accept this but there could be risks involved. Your auto-assessment may be inaccurate and accepting it, could result in you paying more tax than necessary.

"Why is this the case?"

* SARS may not have received all of your tax certificates
* SARS may not have your most up-to-date tax certificates
* You may miss out on claiming certain deductions, which won’t appear on your auto-assessment e.g. wear and tear, home office, donations to charities and travel expenses.

5. If I reject it, what happens next?

You can file your tax return as normal as soon as tax-filing season opens on 1 September 2020.
Filing a tax return means that you can include all of your possible deductions so as to pay less tax and maximize your chance of a refund.

30/07/2020

SARS AUTO ASSESSMENT

In August, SARS will assess a significant number of taxpayers automatically. If you accept the outcome, you do not have to complete a return.

If you are auto-assessed, you will be notified per SMS in August – so there will be no need for you to call contact SARS. The SMS will direct you to eFiling or the SARS MobiApp to either “Accept” or “Edit” the return.

Make sure to verify your tax payable or claimable with a tax practitioner.
If I do not get an auto-assessment, here is your filing dates:

1 September – 16 November: Taxpayers who file online via eFiling or the SARS MobiApp

1 September – 22 October: Taxpayers who cannot file electronically can file at selected SARS branches by appointment only.

1 September – 29 January 2021: Provisional taxpayers who file via eFiling.

28/07/2020

Tax Season Loading ....

SARS recently announced the relevant dates in respect of the 2020 filing season for individuals. There are some significant procedural changes this year, most noteworthy of which is the new auto-assessment procedure for non-provisional taxpayers.

10/07/2020

Checklist before filing:

It is time to get your tax matters in order to ensure a smooth tax return filing experience!

Make sure that you have received your IRP5/IT3(a)s and other tax certificates like medical certificate, retirement annuity fund certificate and other 3rd party data that are relevant in determining your tax obligations.

04/06/2020

Individual income tax return filing dates :

02/06/2020

Personal tax filing preparation :

What to prepare before filing starts

Now is a good time to get your tax matters ready to ensure a smooth filing experience!

Make sure that you have received your IRP5/IT3(a)s and other tax certificates like medical certificate, retirement annuity fund certificate and any other 3rd party data that are relevant in determining your tax obligations.

27/05/2020

UIF - May submissions open

you-can-now-apply-for-governments-relief-fund-for-may-but-dont-make-these-mistakes

The Department of Employment and Labour says the Unemployment Insurance Fund (UIF) has to date paid in excess of R15 billion to beneficiaries – marking a historic first in terms of a lump sum paid out by the fund within five weeks.

25/05/2020

South Africa - Alert Level 3 from 1 June 2020

16/05/2020

GET READY!!!!!

TAX SEASON 2019 FOR INDIVIDUALS

Individual income tax return filing dates:

• 1 September 2020 to 16 November 2020 – taxpayers who file online

• 1 September 2020 to 22 October 2020 – taxpayers who cannot file electronically can do so at a SARS branch by appointment.

• 1 September 2020 to 31 January 2021 – provisional taxpayers who file electronically

14/05/2020

Submissions to UIF, Covid19 TERS

Note - if your company has already applied for you, you will not be able to apply. Consult with your company before you proceed below.

- Click on the following link: https://uifecc.labour.gov.za/covid19/
- Click on Register on the top right and follow the instructions

If you are an individual applying - you will need some info from your employer - Have a look at the site for specific requirements.

May applications have not yet commenced but visit the site to see what you may need for submission.

SOUTH AFRICA-UIF COVID-19 TERS