13.5 C
Monday, July 22, 2024

SARS Auto-Assessments 2024: What You Need to Know

The South African Revenue Service (SARS) auto-assessment season is upon us again! This year, they’re aiming to streamline the process for even more taxpayers. Here’s a breakdown of the latest news to help you navigate your auto-assessment…

Key Dates:

  • Notification Period: SARS will be sending out auto-assessment notices electronically (SMS or email) between July 1st and July 14th, 2024.
  • Review and Action: You have until the filing deadline of October 21st, 2024 to review your auto-assessment and take any necessary actions.

Who Qualifies for Auto-Assessment?

SARS is expanding the pool of taxpayers eligible for auto-assessments in 2024. This generally applies to individuals with uncomplicated tax affairs. However, it’s always best to check your SARS eFiling profile or use the SARS Online Query System (SOQS) to confirm your status.

What to Do After Receiving Your Auto-Assessment:

  1. Log in to eFiling or SARS MobiApp: Once you receive your notification, access your auto-assessment details electronically.
  2. Review the Information: Carefully examine the pre-populated information used to calculate your tax liability. This includes income, deductions, and credits.
  3. Agree or Disagree: If everything seems accurate and a refund is due, you don’t need to do anything further. The refund will be deposited within 72 hours (assuming your banking details are correct).
  4. Need to Make Changes? If there are any discrepancies or you have additional information to include, file a regular tax return before the October 21st deadline.

Important Tips:

  • Update Your Contact Details: Ensure your email address, phone number, and banking details are up-to-date on eFiling to avoid missing important notifications or delays in refunds.
  • Don’t Ignore the Notification: Even if you don’t expect a refund, reviewing your auto-assessment is crucial to identify any potential errors.
  • Seek Help if Needed: If you’re unsure about anything or require assistance, SARS offers various resources, including a Contact Centre and helpful guides available on their website https://www.sars.gov.za/.

Benefits of Auto-Assessments:

  • Faster and Easier: Auto-assessments simplify the filing process for eligible taxpayers, saving time and effort.
  • Reduced Errors: Pre-populated information minimizes the risk of manual errors during tax filing.
  • Faster Refunds: If a refund is due, you can expect it within a shorter timeframe.

By staying informed and taking action when necessary, you can ensure a smooth and efficient SARS auto-assessment experience. Remember, the deadline to review and act on your auto-assessment is October 21st, 2024. Don’t miss out!

Related Articles

Leave a Reply

Stay Connected

- Advertisement -

Latest Articles