by Ronel Jooste
As you might know in South Africa, SARS has rolled out auto assessments for the 2019/20 tax year, mainly for non-provisional taxpayers. In this video clip I explain what an auto assessment entails and the 3 important things you should do when you are auto assessed.
Watch the video below
The 3 steps you should follow:
Review your assessment to ensure the figures are accurate, complete and valid. If you are happy that it is accurate and complete you can accept the assessment. If any of the figures are not correct, you need to follow up with the 3rd party / employer who has provided the figures. If any figures have been omitted, you should edit your assessment.
Edit your assessment to include any additional income that you have received and that haven’t been included in the auto assessment. This could include rental income on investment properties, business income, commission received, investment income etc. You do run the risk of paying penalties in future if you under-declare your income.
Edit your assessment for any qualifying expenses you want to claim that haven’t been included in the assessment. These expenses could include:
Medical expenses paid out of your pocket and not been paid by your medical aid
Additional retirement annuity fund contributions
Donations to S18A organisations for which you have a certificate
Business expenses that are claimable
Home-office expenses
Travel expenses and logbook details if you have received a travel claim
Rental expenses paid for your investment property and relating to the rental income received
SARS announced the following submission dates for individual income tax 2019/20 returns:
1 September to 16 November 2020: Taxpayers who file online via e-filing
1 September to 22 October 2020: Taxpayers who cannot file electronically can do so at a SARS branch by appointment only
1 September 2020 to 29 January 2021: Provisional taxpayers who file online via e-filing.
For any tax related queries, please contact: ronel@financiallyfitlife.co.za
This article was first published:
https://financiallyfitlife.co.za/blog/vlog-sars-auto-assessments-what-to-do/
Ronel Jooste adds tremendous value to individuals, entrepreneurs and businesses with more than a decade of experience in the corporate financial services industry and running her own businesses. She is well experienced in the areas of finances, entrepreneurship, leadership, women empowerment, fitness and wellness. By offering consulting services, training and employee wellness programmes she helps people and businesses to reach their full potential and equip them with the financial and business knowledge to realize their dreams.
Ronel is the author of the award-winning book ‘Financially Fit and Wealthy’ that aims to help readers secure a financial future for themselves. A heart after uplifting and empowering the community, the Ronel Jooste Dream Foundation was launched to equip communities, schools, universities and businesses with financial and entrepreneurship knowledge.
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