For a lot of taxpayers the SARS Auto-Assessment procedure during August 2020 caused a fair amount of panic. Taxpayers that got used to submitting their annual tax returns as soon as the season opened around July of every year eagerly awaited the opening of the delayed tax season (due to Covid-19 lockdown) to get their hands on their annual refunds.
Some received text messages from SARS stating that they have been auto-assessed. And a check on their efiling systems would have revealed that in many cases those taxpayers now owed SARS a handy sum of cash.
There is, however, no reason to panic. This measure was instated by SARS to pro-actively get ahead of the barrage of assessments they will undoubtedly face after having to delay the normal tax season by two months.
If you are one of the SARS “victims” of an auto-assessment, please do the following:
1 Log in to you efiling profile and you should be greeted with a prompt that you would have been auto-assessed.
2 Click “Accept” on the auto assessment if you are happy that SARS did not exclude anything from your return and that will be that.
3 Click “do not accept/amend” if you would like to recall the tax return and amend whatever it is you feel SARS did not include in your return.
You will have till the end of November 2020 to resubmit your tax return free from penalties and interest and the original assessment from SARS will be scrapped.
If you do not feel comfortable with dealing with this procedure yourself, you could contact AGBS for assistance. They have the expertise on hand to deal with all auto-assessments professionally.
If you would like to know how this measure affect your staff compliment, please get in contact with us so that we can assist you in the best possible way.