As you are aware, the tax filing season for individual non-provisional taxpayers has started 1 July 2022. We would like to remind you to submit your tax return in good time. According to SARS official media release: - over 3 million taxpayers, have been auto-assessed by SARS and will not have to file a tax return if they are satisfied with the outcome. - Non-Provisional taxpayers who did not get an auto-assessment and who are required to file a return can do so from 1 July 2022 up until 24 Oct 2022. - Provisional taxpayers as well as Trust submissions can start with filing a return from 1 July 2022 until 23 January 2023. Click the links below for SARS announcements: https://www.sars.gov.za/media-... Filing Season 2022 for Individuals is now open Our resident tax practitioners' feedback is that many of the auto assessments received by our clients require corrections and adjustments, so don't just simply accept SARS' assessment. Review it and consult a tax practitioner if you need help. Tax Certificates By now you should have received tax certificates from financial institutions in the months of May and June to assist with your tax filing. These include tax certificates from the medical aid, banks, life insurance companies and investment companies. Check your email inbox and junk folder, search for the keyword "tax certificate" to find relevant emails. Download the attached tax certificates in a folder on your local drive or cloud storage for tax filing. Discovery Health: The email from Discovery Health looks like the following: You may ask Discovery to redeliver your tax certificates and tax summaries through their WhatsApp service on your smartphone: Ask Discovery WhatsApp Service You can access your communication in the secure inbox available through www.discovery.co.za and the mobile app. Allan Gray Investment The email from Allan Gray looks like the following: To view and download your tax certificates, log into your secure online account https://www.allangray.co.za, then navigate to Reports >> Tax certificates once you've logged in.
If you have difficulties downloading your tax certificates, or require the service of a tax practitioner, email to service@daberistic.com and our team will gladly assist you. Help South Africa - Do your tax filing
0 Comments
On 23 February 2022, Finance Minister Enoch Godongwana delivered the annual budget speech, providing an update on South Africa’s finances. Low economic growth, vast unemployment, increasing debt levels, coupled with South Africa still being in a state of disaster two years since the start of the Covid-19 pandemic, all contributed to a complicated juggling act for the Minister of Finance. Given the unrest witnessed in 2021 along with weak foreign investment, the 2022 budget had to be geared not only to curb unemployment and to stimulate economic growth, but to also give assurance to foreign investors. In the words of Minister Godongwana “we need to strike a critical balance between saving lives and livelihoods, while supporting inclusive growth. This budget presents this balance”. In partnership with Morningstar: South African corporate credit is one of the less covered investments in the fixed income universe. The market is skewed towards the financial sector and characterised by structural illiquidity. Finance Minister Tito Mboweni gave his budget speech on 24 February. Overall it is a taxpayer and investor friendly budget. Old Mutual has a nice summary of tax changes, we share with readers below. Allan Gray has provided an excellent summary of the 2019 budget speech. We would like to share with you here: What were the key changes?SARS would to remind taxpayers of their obligation to submit outstanding tax returns. Taxpayers who do not submit their returns are charged a penalty, which can range from R250 to R16 000 per month, depending on the taxable income of the taxpayer. It is a criminal offence not to submit a return, and continuous non-compliance will lead to criminal prosecution. SARS’ responsibility is to collect tax and customs duties on behalf of the country, and is committed to ensuring that each and every taxpayer pays their fair share towards the growth of our country. The Revenue Authority will be taking a tougher stance on those who do not submit their returns and deliberately seek to avoid their tax obligations. If you have any queries on your personal or business tax, contact our Finance Department, email finance@daberistic.com, tel (011)658-1333 Source: SARS SARS has recently communicated that if you earn less than R350,000 in a year, and fulfil a series of complicated criteria, you may not have to file a tax return in 2017. However, we advise you to take GREAT CARE here, and understand your duties properly, because if you don't, you may suffer for it later on. Here are the top 5 reasons why not to skip filing your tax return this season: 1. You miss out on your refund. Why let SARS keep your money if you are due a refund? A refund is money you overpaid on your taxes and it belongs to you. You can only get a refund if you file a return. Something as simple as claiming Medical expenses or working two jobs can trigger a tax refund, depending on your situation. 2. You can't borrow money. If you wish to borrow money in the form of a mortgage for a home, or a long-term loan of any kind in future, you will need a Tax Clearance Certificate. This can only be obtained if all your returns are up to date and filed appropriately. 3. SARS might change their mind. If you normally submit, but this year you don't, SARS may administer administrative penalties later on down the line for not being compliant. 4. You can't access your retirement fund. Filing a tax return each and every year means that should you receive a payout from a fund at any stage, then you will not have any hassle in getting the money. If you retire or are retrenched, or just need to take money out of your fund early, you need to be tax compliant. 5. A complete record stands in your favour. Having an unbroken filing record leaves SARS officials with no reason to suspect that you are hiding information from them, thus triggering an audit next year. Filing a tax return means you are being a good citizen and contributing towards society! For advise on tax return submission please contact Su-Chin or Su-Lan, email finance@daberistic.com, tel 011 658 1333 . Source: Taxtim |
AuthorKevin Yeh Archives
January 2025
Categories
All
|