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 heinrich@saaccountingsolutions.co.za 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 ...
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

Пікірлер: 48

  • @4x4ViewFinder
    @4x4ViewFinder Жыл бұрын

    Thanx Heinrich. Will be in touch about our Tax returns. Great video explaining the changes.

  • @SAAccountingNetwork

    @SAAccountingNetwork

    8 ай бұрын

    Very welcome

  • @ThamiNdlalane
    @ThamiNdlalane7 ай бұрын

    Thanks bro!

  • @CoachJurieW
    @CoachJurieW Жыл бұрын

    thanks for sharing the finer details Heinrich

  • @SAAccountingNetwork

    @SAAccountingNetwork

    Жыл бұрын

    My pleasure!

  • @yolandagcanga5540
    @yolandagcanga5540 Жыл бұрын

    Thank you so much for these videos, they are very helpful.

  • @SAAccountingNetwork

    @SAAccountingNetwork

    Жыл бұрын

    My pleasure 🙏

  • @fezilehhhhhhhhhhhhhh

    @fezilehhhhhhhhhhhhhh

    Жыл бұрын

    @@SAAccountingNetwork afternoon, if I have income investment does that mean I won't be able to fill my tax??

  • @natashasingh5056
    @natashasingh5056 Жыл бұрын

    Thank you

  • @SAAccountingNetwork

    @SAAccountingNetwork

    11 ай бұрын

    You're welcome

  • @keatonopc
    @keatonopc Жыл бұрын

    Great video, thank you !

  • @SAAccountingNetwork

    @SAAccountingNetwork

    Жыл бұрын

    Glad you liked it!

  • @johannaetrishamorgan6850
    @johannaetrishamorgan685011 ай бұрын

    Thank you really appreciate so helpful 👌

  • @SAAccountingNetwork

    @SAAccountingNetwork

    11 ай бұрын

    Glad I could add value 🙏

  • @joshuagxekwa
    @joshuagxekwa11 ай бұрын

    You are the best in the businesses 🙌

  • @SAAccountingNetwork

    @SAAccountingNetwork

    11 ай бұрын

    Thank you 🙏

  • @oupaappies932
    @oupaappies932 Жыл бұрын

    Thanks for the video there is a question on VDP & when your response is No it doesn't accept on return questionnaire & how one has to respond

  • @SAAccountingNetwork

    @SAAccountingNetwork

    8 ай бұрын

    kzread.info/dash/bejne/gK5k15qEoZDbl7g.html

  • @elriconero9802
    @elriconero9802 Жыл бұрын

    Thx heinrich.i will call you in the future

  • @SAAccountingNetwork

    @SAAccountingNetwork

    8 ай бұрын

    kzread.info/dash/bejne/gK5k15qEoZDbl7g.html

  • @adrianbenjamin8914
    @adrianbenjamin8914 Жыл бұрын

    Great clarification and brack down. Im having the problem of uploading my years of unemployment. All the other information is filled and put in by my work but im not sure how i should continue. I am a sessional worked and always at the same work for the past 5 years. I have all my start and end off work dates but don't won't to fill in any information that in not sure on. Could you please help me with some advance.

  • @SAAccountingNetwork

    @SAAccountingNetwork

    8 ай бұрын

    kzread.info/dash/bejne/gK5k15qEoZDbl7g.html

  • @kimeshininaicker1334
    @kimeshininaicker1334 Жыл бұрын

    Thank you for this. Just a question. I have changed to a new RA which will only reflect in 2024 IRP5 form. Do I need to update this information next year or will it automatically populate for me?

  • @SAAccountingNetwork

    @SAAccountingNetwork

    8 ай бұрын

    kzread.info/dash/bejne/gK5k15qEoZDbl7g.html

  • @morneymostert4794
    @morneymostert4794 Жыл бұрын

    Ive been issued an auto assessment On efilling. Where and how can I claim the solar pannels on the forms on efillinf?

  • @SAAccountingNetwork

    @SAAccountingNetwork

    Жыл бұрын

    Only in next year's return, which will cover the period March 23 to Feb 24. The solar tax incentive is not applicable to the 2023 tax year.

  • @jasperbasson
    @jasperbasson Жыл бұрын

    🔥🙌

  • @SAAccountingNetwork

    @SAAccountingNetwork

    Жыл бұрын

    Dankie Jasper!

  • @ziphosamuel2441
    @ziphosamuel2441 Жыл бұрын

    Hi. I just got the auto assessment. I would like to know what does it mean to have payable tax that is equal to your rebate, resulting to assement summary of zero rands? I anticipated that the refund has been processed already so we no longer owe each other with SARS. So I should expect the rebate in 72 h maximum. Please balance me Incase am missing something

  • @SAAccountingNetwork

    @SAAccountingNetwork

    Жыл бұрын

    I think you are on the right trahc, if its says zero then its a good sign that you dont owe them money

  • @coeniejvr
    @coeniejvr Жыл бұрын

    i got 3 questions. 1. I was unemployed for about 5 months as i was studying, now my mom helped me paid my debt and paid money into my account, let's use a example of R3000 every month. So if the bank send data to sars they will see that as a income, meanwhile that was money my mom borrowed to me untill i can pay her back. Will i need to declare that on the itr12 and where do i declare that? or do i just leave it out until they ask questions. 2. Sorry but my last tax practitioner i had charged me R2000 to do the job, yet to find out he accepted the auto assessment and did not declare half my stuff i gave to him. So basically the question is when you as a tax practitioner file the tax, do you login with your own login details or not to access and submit my tax return? Now my Tax practitioner i had used my login details everytime and i feel that it's wrong as when there's a problems sars comes back to me and not the Tax practitioner that filed the tax return. 3. Business side, who does your business financials for your business, is it the accountant or the auditor? Thanks

  • @siyandaselluleko9417

    @siyandaselluleko9417

    11 ай бұрын

    Your 1st question is very important.

  • @SAAccountingNetwork

    @SAAccountingNetwork

    8 ай бұрын

    kzread.info/dash/bejne/gK5k15qEoZDbl7g.html

  • @user-bp5et2hf4t
    @user-bp5et2hf4t11 ай бұрын

    Good morning day Henriek I did the ussd and it says Sars owes me then i made a booking last week already , haven't receive and massege what can i do

  • @SAAccountingNetwork

    @SAAccountingNetwork

    8 ай бұрын

    kzread.info/dash/bejne/ZHWGyJOOYrmwY9I.html

  • @soundsofpeace6468
    @soundsofpeace6468 Жыл бұрын

    I've never ever checked with Sars, should I ? How and when ?

  • @SAAccountingNetwork

    @SAAccountingNetwork

    8 ай бұрын

    kzread.info/dash/bejne/ZHWGyJOOYrmwY9I.html

  • @Melharts
    @Melharts9 ай бұрын

    Are contractors calculated in the same

  • @SAAccountingNetwork

    @SAAccountingNetwork

    8 ай бұрын

    kzread.info/dash/bejne/oX2rscWbqrLderw.html

  • @robinmountford5322
    @robinmountford53228 ай бұрын

    SARS is asking for a return from 2007 and I am sure at that time I had submitted on paper. How on earth do I submit a return when that data has long been discarded? They ask me to declare all info on the return is accurate and therefore I cannot submit since I don't know if the information is accurate.

  • @SAAccountingNetwork

    @SAAccountingNetwork

    8 ай бұрын

    Best is to make an appointment with SARS to file the returns, you will get a reference number to upload documents before the appointment, then go do an affidavit stating you only kept records for 5 years. The downside of this is that you are at the absolute mercy of SARS as they are the only ones who then has any records. maybe reach out to the guys at Tax Consulting SA, they normally do a free first consultation - it would be wise to get advice from them as well as they are tax lawyers - www.taxconsulting.co.za/

  • @robinmountford5322

    @robinmountford5322

    8 ай бұрын

    @@SAAccountingNetwork Thank you.

  • @sharmlanaidoo6708
    @sharmlanaidoo6708 Жыл бұрын

    Well SARS completed the auto assessments and paid the funds into my account before even sending any notice that I was selected for auto assessments. I cannot even access the assessment to check if it is correct. Not impressed.

  • @SAAccountingNetwork

    @SAAccountingNetwork

    8 ай бұрын

    kzread.info/dash/bejne/gK5k15qEoZDbl7g.html

  • @nevillepietersen9690
    @nevillepietersen9690 Жыл бұрын

    Why can't sars tel me why do i ow then

  • @Nokuthula_fitness

    @Nokuthula_fitness

    Жыл бұрын

    I will wait here with you for an answer , because I would also like to know how do I awe them when they’ve been taxing me the whole year

  • @SAAccountingNetwork

    @SAAccountingNetwork

    8 ай бұрын

    kzread.info/dash/bejne/ZHWGyJOOYrmwY9I.html

  • @SAAccountingNetwork

    @SAAccountingNetwork

    8 ай бұрын

    kzread.info/dash/bejne/ZHWGyJOOYrmwY9I.html