The amended tax return season is planned to end sooner. SARS will still confirm the date. According to an article displayed on moneyweb.co.za/mymoney. In association with SARS, “taxpayers are advised to get ready sooner than later”, as the deadline for submissions has been brought forward” (for non-provisional, manual, and branch submissions)
The Previous tax season
Non-provisional taxpayers using the SARS e-filing platform had until 24 October 2021, as did taxpayers who submit their returns manually or at a branch. Provisional taxpayers (those with more than one income) had until 23 January 2022 as opposed to the usual 30 January.
Submissions that are not Accepted, Edited, or Submitted, will receive estimated assessments from which may not be objected or appealed, according to a partner at Webber Wentzel, Joon Chong. However, unsatisfied individuals (recipients of estimated assessments) have 40 days to file an accurate tax return, which will be regarded as late, and subject to normal late submission and administrative penalties and interests.
During the 2021 filing season, SARS reported an increase in virtual filing. SARS reported that more than 4.3 million non-provisional tax returns were submitted by the due date. An increase of 7% via e-filing (over 2.6 million) was submitted. A decrease of 15% at branches was reported in-branch submissions; and over 90% of submissions were issued in less than 5 seconds, compared to 85% of submissions in the previous year. 86% of taxpayers received their refunds within 72 hours, compared to the previous year’s 77% refunds paid out.
Auto-assessments
Regarding auto-assessments, individuals continued to have been auto-assessed by SARS based on third-party data received by employers, financial institutions, medical schemes, and retirement fund administrators. Taxpayers are to Accept, or Edit auto-assessment, and submissions had to be made by 24 October 2021 for individual non-provisional taxpayers.
Home office expense claims
60% of Home Office claims were disallowed by SARS in the previous tax year, due to taxpayers not fully understanding the eligibility of Home Office Expense claims. SARS released an interpretation note to all taxpayers regarding the Home Office expense claims, which can also be found www.moneyweb.co.za/mymoney. Regarding verification audits, only 67% were completed within 21 days; whereas a 62% completion rate was recorded in the previous year – while Sars set a target for itself of 70%.
Why choose us?
We are driven by passion
A & G Financial Services is built upon the notion of trust, loyalty and a passion for what we do.
Accurate and quality service
We provide accurate and quality services with the utmost confidence.
We form partnerships
When you allow us to be a part of your team, you will not just have up to date books and tax, you will have a lifelong business partner ready to assist in all financial and business aspects.
Contact
Have questions or ready to take the next step towards financial success? We would love to hear from you! Feel free to reach out through the contact form below, or connect with us directly using the provided contact information.