What is the difference between the ITA34 and the SOA?
The differences are: Notice of Assessment (ITA34) Statement of account (SOA) Reflect the status for an assessment for a specific income tax year (year of assessment). Reflects the overall cumulative position of your tax balance for all years to the current one. (All transactions up to and including the date of issue.) Indicates whether you […]
If I’m getting a refund, when does the 72 hours start?
The 72 hours start from the time the assessment has been completed and assessed by SARS: • If a refund of more than R100 is due to you; • if your banking details are correct; • you have no debt or outstanding returns; and • no inspection, verification or audit is required or has been […]
Why is a payment date showing when I’m getting a refund?
The payment due date is a standard field on the Notice of Assessment (ITA34) which will always be displayed, in the event that you owe SARS money.
What does a minus amount mean on my Notice of Assessment (ITA34)?
A negative amount indicates that a refund is due to you.
If I don’t agree with my auto-assessment, and I have to wait until 15 July to edit and file a correct return what happens if the wrong refund is paid out?
If you have been assessed and an incorrect refund is paid and you have edited the return and: The original refund is more than the corrected assessment and you will have to pay SARS back the difference by 21 October 2024 or; the original refund is less than what it should be, SARS will pay […]
Can I still edit my return even though the auto assessment refund was released?
If you are not in agreement with the auto-assessment, you can complete and file your tax return from 15 July 2024 on wards until 21 October 2024.
Can the secondary spouse object to the ‘Married in Community Spousal Assessment’ ?
Yes, such assessments will be subject to objection and appeal, for both spouses.
Will SARS inform the primary spouse?
Yes, SARS must inform the primary spouse that because of being married in community of property (COP), 50% of the investment income, namely interest will be taxed in his/her hands and the remaining amount must be declared by the other spouse. In the return we have the below note in the investment container to inform […]
Could this have a destabilising effect on families where the taxpayer is Married in Community of Property?
SARS is simply applying tax laws which follows matrimonial laws, without this we will be deemed non-compliant and not collecting tax due in the hands of the other spouse.
What should I do if I want to exclude my spouse from communal estate due to a legal contract?
You may access your return where the Investment income section appears. Search for the Interest Income that you wish to exclude from communal estate, then select “Mark here with an “X” if this amount should be excluded from the communal estate (if married in community of property)” The amount will then be taxed 100% upon […]
