SARS have recently announced some changes.
This is what you need to know
With the 2022 filing season opening on 1 July, it is important to be aware that this tax season will be shorter than prior years. This means that SARS are giving you less time to file your return.
Important Filing Deadlines
24 October 2022: non-provisional taxpayer (i.e., salaried employees)
23 January 2023: Provisional taxpayer (i.e., self-employed, rental earners, freelancers, etc.)
Auto-Assessments: 40 business days to submit a tax return
Auto-Assessments
SARS will once again ‘auto-assess’ a large number of taxpayers, using data that they have received from 3rd parties, such as employers, financial institutions, medical schemes and retirement fund administrators. You should receive an SMS from SARS at the beginning of the tax season if you have been auto assessed.
In the past, you had to ‘accept’ the auto-assessment, or ‘edit’ to reject it and file your tax return. This year, SARS have said that if you are in agreement with the auto-assessment, no action is required. If you are not in agreement with the assessment, you can access your tax return via eFiling), complete the return, and file it.
IMPORTANT NOTE: Taxpayers will have just 40 business days from the assessment date to file a return if they are not in agreement with their auto-assessment. This means if you receive your auto-assessment on 1 July, you will only have until 26 August to submit your tax return.
We suggest you reject the auto-assessment and file your tax return yourself
Penalties
The 2022 tax season is not a time for procrastination. SARS have recently become a lot stricter with their penalties for late submissions. We strongly advise that you submit early in the season to avoid a last-minute panic and unwanted SARS penalties.