SARS: 2023 Filing season for Individuals and Trusts

SARS: 2023 Filing season for Individuals and Trusts

• 05 July 2023
• Accounting
• South African Accounting Academy

SARS commented on the following enabling service improvements:

• Auto-Assessment
• Filing a Declaration
• Further clarity is also provided in a number of aspects:
  • Objections and appeals: If not in agreement with the revised assessment, a taxpayer can initiate an objection, through the normal SARS objections process.
  • Non-provisional taxpayers: Non-provisional taxpayers who did not get an auto-assessment and who are required to file a return can do so from 7 July 2023 after 8 pm until 23 Oct 2023.
  • If all the information contained in a return is for the current year and accurate, the transaction will take no more than 10 seconds. SARS welcomes efforts by taxpayers to bring their tax affairs into compliance status. SARS will endeavour to expeditiously attend to these taxpayers who will be filing the previous years’ outstanding returns and requests their patience and understanding.
  • Provisional taxpayers as well as Trust submissions can start with filing a return from 7 July 2023 after 8 pm until 23 January 2024.
  • Taxpayers, not selected for auto-assessment are urged to wait for the email and SMS and not to visit SARS branches during the first week before 7 July 2023.
  • Appointments at branches

Click here to read the full Media Statement:

https://www.sars.gov.za/whats-new-at-sars/3/

Relevance to Auditors, Independent Reviewers & Accountants:

• The Income Tax Act is yet another piece of legislation that your clients must comply with, and which you must assess compliance with.  If they don’t comply with the relevant laws and regulations, you have certain reporting obligations in terms of NOCLAR (NOn-Compliance with Laws And Regulations) – this could include reporting to management, qualifying your audit opinion, reporting a Reportable Irregularity, etc.
• As an auditor, independent reviewer, accountant and tax practitioner, you need to be aware of the latest guides and other publications issued by SARS.

Relevance to Your clients:

• Entities and individuals have a duty to comply with the Income Tax Act.

To stay current with all the latest changes and updates subscribe to our Monthly Compliance and Legislative Update series for R 250.00 per month. This gives you access to a monthly 2-hour webinar and monthly newsletter:
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