At Biz Evolution, we understand that tax season can be a stressful time. This year, the South African Revenue Service (SARS) is aiming to streamline the process with auto-assessments for qualifying taxpayers. But what exactly are auto-assessments, and how do you know if you’re eligible?
What are SARS Auto-Assessments?
Auto-assessments are pre-populated tax returns generated by SARS based on information they receive from third-party sources like employers, banks, and medical aids. If selected for auto-assessment, you’ll receive an SMS or email notification from SARS between 1 and 14 July 2024.
Do I Need to Do Anything?
The beauty of auto-assessments is their simplicity. If you agree with the information pre-filled by SARS, you don’t need to take any further action. However, it’s crucial to carefully review the assessment before accepting it.
Why Review Your Auto-Assessment?
While convenient, auto-assessments may not always capture the entire picture. Here’s why you should review yours:
- Missed Deductions: Auto-assessments might not consider deductions you’re entitled to, such as travel expenses, medical costs, or charitable donations. Reviewing ensures you claim everything you’re eligible for, potentially leading to a tax refund.
- Incorrect Information: There’s always a chance of errors in the data SARS receives. Reviewing allows you to identify and rectify any discrepancies.
What if I Disagree with My Auto-Assessment?
If you find any inaccuracies or have deductions to claim, you have two options:
- Edit the Auto-Assessment: You can edit the pre-populated information directly on SARS eFiling or the SARS Mobi App.
- File a Complete Tax Return: If the edits are extensive, it might be easier to file a complete tax return through eFiling or the Mobi App by the 21st of October 2024.
Biz Evolution: Your Partner in Tax Season
At Biz Evolution, we understand that navigating auto-assessments and tax filing can be overwhelming. Our team of tax experts can help you:
- Review your auto-assessment for accuracy.
- Identify potential deductions you may have missed.
- File a complete tax return if necessary.
Don’t let tax season stress you out. Contact Biz Evolution today for a smooth and efficient tax filing experience.
