SARS Income Tax Auto Assessment 2023 - What You Need To Know!

WATCH THIS to SEE how the SARS automatic assessments for personal tax returns will work for 2023!

Do you need an accountant? Contact us at [email protected] or check out our website at www.saaccountingsolutions.co.za

I also discussed some of the pitfalls of the auto assessment process and the new SARS auto assessment letters and give some pointers of what to look out for when filing your 2023 SARS personal income tax return.

Are you looking for a tax consultant to help you with your 2023 personal tax return? Check out our website www.saaccountingnetwork.co.za to find you local tax consultant in your area who will be able to assist with your 2023 SARS personal income tax return.

In the video I discussed the following
Dates

Non provisional tax payers personal income tax deadline
-7 July 2023 to 20:00 23 October 2023
Provisional tax payers personal income tax deadline
-7 July 2023 to 20:00 24 January 2024
Companies
-1 August? to 20:00 29 February 2024
What is auto assessments?
-SARS issues an assessment from information they have
-Information from third party data submissions
-Last year issued auto assessments before the filing season opened
What is new?
-Letters notifying taxpayers of auto assessments
-SARS will issue a SARS auto assessment letter stating you were selected for auto assessments before doing the auto assessments (1 to 6 July)
-The issuing of letters by SARS would provide taxpayers an early opportunity to examine if they were incorrectly subjected to auto assessment, also for them to review the accuracy of the auto assessment.
What is new?
Administrative dates
-Amendments can be filed until 20:00 on 23 October 2023 for non provisional tax payers
-Previous years taxpayers only had 40 days
What to do if you received an auto assessment?
If you use a tax practitioner
-Ask your practitioner to review your assessment ASAP
If you don’t use a tax practitioner
-Log into SARS e filing and ensure they issued the auto assessment with the correct information

Money should be paid out within 72 hours - if you SARS refund is not paid out you need to update your details with SARS - check out my video here -    • How to make a booking on the SARS system  
What can go wrong?
-Incorrect third party data e.g employers IRP5’s
-Home office expenses
-Logbooks and travel claims
-Medical expenses not submitted to medical aids

LETS LOOK AT WHO SENDS THIRD PARTY DATA TO SARS!!!
Attorneys
Banks
Estate agents
Financial institutions
Medical schemes
What SARS knows about you which you might think they don’t know
-Rental income
-CGT transactions – properties and shares
-Crypto income
-Foreign income
-How much money went through your account – sole proprietors
What can you do?

-Make sure your return is as accurate as possible
-Get a tax practitioner to review your return
-Get your data ready asap
-File corrections asap
-Don’t spend the money if you suspect SARS made a mistake