Deadline For Filing Tax Returns Looms



The 2022 individual filling tax season is nearing it’s end, making it the shortest one to date. Taxpayers have been encouraged to submit their tax returns before the deadline.



The deadline for the 2022 Individual Filing Season is set for Monday, 24 October, and the South African Revenue Service (SARS) has also been very stern with non-compliance this year.

In the 2021 filing season, SARS announced that taxpayers who file their tax returns after the filing season's deadline will face administrative penalties.

To prevent any administrative penalties for late submission, it is critical to submit the 2022 tax return within the SARS-mandated filing period.

This year, Individual tax affairs have been processed through auto assessments. Auto assessments started rolling out on 1 July, and over 3 million individual non-provisional taxpayers were assessed by the revenue service.

Taxpayers who are pleased with the outcome of the auto-assessment are exempt from filing a tax return, as the return will be regarded as submitted and final.

However, taxpayers who are dissatisfied with the outcomes of the assessment or find that there is missing or inaccurate information pertaining to either income or expenses, which may have affected the outcome, have a 40-business day window to appeal and submit corrections on their tax returns.

Non-Provisional taxpayers who did not get an auto-assessment are required to file and have until 24 October to submit returns. Provisional taxpayers and trust submissions, have until 23 January 2023 to file their returns .

According to SARS over the past few years there has been a significant improvement in tax collections and the number of individuals who submit returns.

In an interview, The Tax Technician's Mogamat Amien West explained that one of the main reasons behind the improvement is that the refund system is much better, adding that after a few days of submitting tax returns, refunds get paid out.

“All the information from SARS has already been verified by third party service providers.” he says. 

West says that one of the main challenges faced when filing clients' returns was the 40-day window to make changes to auto-assessed clients. 

“Quite a few clients did not inform us that they'd been auto assessed. So that becomes a problem to return an amended return. It means you have to go a different route to get the return corrected.” 

In this instance, you have go through a notice of objection to tell SARS the exact circumstances of your return or use a voluntary disclosure programme where you can try to mitigate underestimation penalties. 





Google News

Advertisement i

Advertisement m