It is TAX season! Here are FIVE things you should know

It is TAX season, and here are five things you should know before you submit your tax returns: 

How and where to do your tax returns: 

An income tax reference number is a 10-digit-long number that appears on your IRP5. Through SARS eFiling there is now a quick and convenient online process to register for an income tax reference number.

Once you’re registered, you can also make use of the SARS MobiApp.

As a registered taxpayer with an income tax reference number, you will be eligible to use SARS eFiling. To register, simply visit the SARS eFiling > click on REGISTER and follow the prompts. You can also download the SARS MobiApp on your phone.

Once you have registered, you can file your tax return, make payments to SARS, and more. If you’re battling with the website, you can also call SARS on 0800 007 277.

ALSO READ: Good news: TAX RELIEF is at hand for embattled taxpayers in 2023

What is AUTO ASSESSMENT and what should you know? 

SARS is also in the process of sending out millions of SMSes to taxpayers who are eligible for auto assessments on their income tax returns. If you receive one of these automatically prepared returns, accept it and are due a refund, you will receive the funds within 72 hours of processing.

The experts at Taxtim warn, however, that you DO NOT have to accept a SARS auto assessment simply because you received one. Accepting it for convenience’s sake could negatively impact your chance of receiving a tax refund and if the information contained therein is incorrect, you could even face a hefty penalty.

ALSO READ: SARS tax questions answered: What are the tax season deadlines?

IF YOU HAVE NOT BEEN AUTO ASSESSED

If you have not been auto-assessed by SARS and you have a straightforward income tax return, we recommend submitting it to SARS eFiling as soon as possible. This way, you can get a refund as soon as possible and complete your return before the system comes under strain.

TAX RELIEF is at hand for embattled taxpayers

SARS says much-needed tax relief is at hand for certain non-compliant taxpayers.

ALSO READ: One major mistake to AVOID on your income tax return

That’s correct, not every taxpayer looks forward to a smooth, uneventful filing process each year. The good news is historically non-compliant taxpayers have been granted a tax relief lifeline through the SARS Voluntary Disclosure Program (VDP).

The VDP essentially allows non-compliant taxpayers to come clean for past indiscretions and waive any penalties that may have arisen from default.

ALSO READ: WHAT TO DO if you receive a SARS auto assessment in 2023

Do you need help? 

If you feel you need in-person assistance, an agent at SARS will be able to assist you. To make an appointment to visit a SARS branch, call the SARS Contact Centre on 0800 00 7277 and select option 0 (zero). A SARS official will book an appointment on your behalf.

Alternatively, you can make an appointment HERE. Or send an SMS to 47277 (iSARS) with this information and format: Booking (Space) ID number/Passport number. This SMS service is only available to registered taxpayers. Just be sure to bring along all your supporting documentation.

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