Dear fellow taxpayer,

It always feels like ages since I last spoke to you. In the time I’ve been away several celebrities have died and the Confederations Cup has come and gone! Nevertheless, not matter how infrequently we meet, I always come well-equipped with useful tax tips for you.

SARS has improved 3 tools to help make filing your tax return easier

Tax season officially kicked off at the beginning of this month for individuals, and SARS has made a few enhancements to this year’s process:

1.    The Notice of Assessment (ITA34)

SARS has simplified this form to make it easier to understand. This is quite important as it’s this form which explains to you whether you owe SARS additional tax, or if you’re entitled to a refund. It also explains how SARS worked out this calculation.

2.    A Statement of Account

This will accompany the Notice of Assessment. It shows all the financial transactions between you and SARS over the last 12 months. This will help you keep track of your affairs with SARS and show you any outstanding amounts, penalties or returns due.

3.    The tax calculator has been expanded

The tax calculator on eFiling was so successful SARS has expanded it to cater for ALL types of income tax returns, including ones that involve rather complex tax calculations such as foreign investment income, CGT, farming operations and business income. If you’re an eFiler, you can use the tax calculator before you submit your tax return. This will help you check for accuracy, and you’ll receive a likely indication of your assessment.

Stay tax savvy,
Matsika Vengesa