Tag: auto assessment

On 31 July 2023, National Treasury released their annual draft tax law amendments, for public comment. Although still at the draft stage, there are some pertinent proposed changes for which the supporting systems have already been implemented i.e., the “Beneficial Ownership Registers”.

The South African Revenue Service (SARS) has also announced many changes to this upcoming filing season and has already begun auto-assessing taxpayers from 1 July 2023. These changes must be clearly understood by taxpayers, so they can compliantly navigate this year’s filing season.

Filing season opened on 1 July 2021, with a significant number of taxpayers being assessed automatically. So, should you file a return this year or not?

An interview with Gigi Nyanin, Project Director, Tax Publications and Thought leadership, South African Institute of Chartered Accountants (SAICA), and Dr Ivor Blumenthal, CEO, ArkKonsult, discussing the auto assessments that the South African Revenue Service (SARS) introduced in August 2020 which provided them with the ability to file income tax returns on behalf of taxpayers.

In August 2020, the South African Revenue Service (SARS) introduced auto assessments which provided them with the ability to file income tax returns on behalf of taxpayers. These auto assessments are populated from a taxpayer’s information which is collected from third parties such as financial institutions, employers, and medical aid schemes.

During August, many South Africans received auto-assessments for their 2019/20 personal income tax returns from SARS. The admin for the tax year is behind the taxpayers that accepted, or amended and submitted, this assessment and settled any tax still owing to SARS.

Speak to any individual taxpayer and tax practitioner these days and no doubt ‘auto assessments’ will feature in the conversation. Whilst many agree that the auto assessment process is a good idea and there is appreciation of SARS’ intention to simplify tax compliance, there are mixed feelings regarding the implementation and practicality thereof.