Poultney & Bownes Financial Planners

29/07/2024

This article sums up the Two-pot system from a GEPF perspective very clearly.

Years of service earned up to 31 August will remain separate and are referred to as 'vested service'.

21/06/2024

Useful information

How these mechanisms can be incorporated to reduce tax in your estate.

20/04/2024

A good article from Moneyweb on investment strategies for high income earners.

There is no one-size-fits-all strategy, but here's a starting point …

19/11/2023

Great article on life policies and estate duty.

A closer look at how estate duty works in the context of life assurance.

28/09/2023

Great article on investing strategy.

“Our industry does seem to love complexity and to abhor simplicity”

04/07/2023

SARS and Auto Assessments
If you receive an auto assessment from SARS, what do you need to do and by when, in order to avoid a hefty fine or jeopardise your refund?

Certain taxpayers will already have received a notification that an auto assessment has been generated on their behalf and this will run until the tax season starts on 7th July. This year the closing date to react to it is the same as the closing date for the tax submission season, ie 23rd October 2023.
The experts at Taxtim indicate that you do not have to accept a SARS auto assessment simply because you received one. If you accept it just because you think you are complying, it could negatively impact your chance of receiving a tax refund, and worse still, if the information is incorrect you could be liable for a penalty.
The assessments are based on information from your employer, medical aid, financial institution and others, and are generated because SARS believes no additional input is required. So it is important to check the details before accepting it. Taxtim has useful calculators that can help you through the process. Click HERE if you want to access it. Remember too that you can use your rewards points to get other benefits from Taxtim.
If you have any extra income to disclose, or if there are expenses that you are entitled to claim, such as travelling, donations to charities, rent, stationery, etc, then you must indicate that you do NOT accept the auto assessment, and you will have to input those details yourself. Simply click “Reject” and then submit your return as you normally do via e-filing, or the SARS MobiApp or physically at a SARS office. You must do this before 23 October 2023. If you have mistakenly accepted the auto assessment you will need to contact SARS on 0800 007277 to make an appointment to have it changed.
Don’t forget to like our page on Facebook: Poultney & Bownes Financial Planners

Please note that this article is intended to be general information only, and is not advice in any form, including financial, tax or legal advice.

20/01/2023