The countdown has officially begun, #TaxSeason is here!
The 2023 filing season opens this year at 8pm on Friday, 7 July 2023.
It is important to be aware that the season is shorter than prior years. This means that SARS is giving you less time to file your return.
Important Filing Deadlines
23 October 2023: non-provisional taxpayer (i.e. individual taxpayers)
24 January 2024: provisional taxpayers
* Provisional taxpayers are people who earn income other than a salary / remuneration on which no income tax has been deducted/withheld.
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. If you have been auto-assessed, you should receive an SMS or email from SARS sometime between 1 July and 7 July.
It is advisable not to immediately accept the auto-assessment as SARS uses only 3rd party data available to them to conduct this assessment. Any additional income, or deductions (like rental income, sale of assets or donations) won't be picked up and the 3rd party data might have errors. If you accept the auto-assessment and then want to submit a correction, this is a nightmare to do and SARS has prevented this in the past, resulting in Auto Assessments being incorrect, with no recourse of correction other than an objection.
IMPORTANT NEWS: Last year, SARS gave just 40 business days for auto-assessed taxpayers to file their tax return. This year, they are reducing the time pressure by giving auto-assessed taxpayers a deadline of 23 October 2023 as well.
Click here to contact us for a FREE Tax Consultation and find out important information about your tax return.
Penalties
The 2023 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.
Dispersive Consulting is an accounting, tax and advisory firm whose mission is to help business owners operate profitable businesses. Sound financial management and a good understanding of business finance empowers business owners to make smarter, more informed decisions.