Gautax | NB Individuals Filling Season 2023 Info and Change

 

 

Individual Tax
Filing Season 2023

Gautax shares the important information, dates and changes to the individual tax filling season 2023

When must your tax return be submitted?

To avoid penalties it is very important that your tax return is submitted within these dates:


7 July 2023 to 23 October 2023 for:

NB: THIS DATE HAS BEEN REDUCED BY 30 DAYS SINCE LAST YEAR!

  • Taxpayers who file online
  • Taxpayers who cannot file online can do so at a SARS branch by appointment only.

7 July 2023 to 24 January 2024 for:

Need help with your Tax?

All members of our team are available to meet and answer your questions and assist as they can.

Individual filing open date

Taxpayers, we are ready to start filing your Tax from 7 July this year.

Please send all the information we require before 31 August 2023 to enable us to make the deadline that was shortened by 30 days since the previous year.

We are here to assist you professionally as registered Tax Practitioners for 26 years

What are the tax return rates for the 2023 tax year?

Tax rates are the values that are payable to SARS by law. Here are the tax rates based on income earned during the 2023 tax year. 

Taxable income (R) ​Rates of tax (R)
0 - 226 000
18% of each R1
226 001 - 353 100
R40 680 + 26% of the amount above R226 000
353 101 - 488 700
R73 726 + 31% of the amount above R353 100
488 701 - 641 400
R115 762 + 36% of the amount above R488 700
641 401 - 817 600
R170 734 + 39% of the amount above R641 400
817 601 - 1 731 600
R239 452 + 41% of the amount above R817 600
1 731 601 and above
R614 192 + 45% of the amount above R1 731 600

Important changes to the auto assessment this year

SARS has warned that a significant number of individual taxpayers will be auto-assessed this year by SARS, and this process will start in July. Contact us when you receive such an SMS if you are selected to be auto-assessed so we can ensure you get assessed correctly. Do not just accept what SARS is telling you. When you receive the SMS, contact us immediately! If you are not in agreement with the Auto assessment, you can access your tax return via eFiling or SARS MobiApp, and choose to EDIT the return and then contact us to assist.  

Auto-Assessment Process for 2022/2023

Auto-Assessments will be issued from 1 July 2023 to 7 July 2023 at 20:00.

If taxpayers and/or practitioners are not in agreement with the estimated assessment, they will have until 23 October 2023 to file an amended return. Auto Assessments issued after this date will have a period of 40 working days in which an amended return must be filed.

More information can be found here

Taxpayers are reminded to ensure that they meet the required deadlines as the correction of returns post the deadlines are extremely difficult and time-consuming.

Gautax Pro Tip:

Auto registration for Personal Income
When you register for SARS eFiling for the first time and you do not yet have a personal income tax number, SARS will automatically register you and issue a tax reference number.

What is SARS Auto-Assessment?

An Auto-Assessment is a pre-calculation of your tax obligation by SARS based on the information provided to them by 3rd parties. To agree to the pre-calculation, you log into your efiling and Accept the auto-assessment. If you do not agree there is still an Edit function on the assessment.

 

Taxpayers, your tax matters, SARS continue to make it easier for you to comply.  Starting July, SARS will be assessing a significant number of taxpayers automatically.  If you accept the auto-assessment then SARS automatically files the return on your behalf, you then don’t need to do the return yourself. This enables you to view, accept or edit your proposed assessment from the comfort of your home or place of work using eFiling or SARS MobiApp.


SARS auto-assess returns based on the data we receive from employers, financial institutions, medical schemes, retirement annuity fund administrators and other 3rd party data providers. If you have not yet received your IRP5/IT3(a)s and other tax certificates like medical certificate, retirement annuity fund certificate and other 3rd party data that are relevant in determining your tax obligations, you should immediately approach your employer or medical scheme or retirement annuity fund or other 3rd party data providers to make sure that they have complied with their submission requirements.

Gautax will take care of it all

Sit back relax and let us handle your personal income tax return submissions for you. We will follow best practices to get you, our client the best possible result. That is keeping you up to date with SARS laws and possibly more returned to your pocket than you thought possible. 

2 Simple Steps

Step 1

Call us on +27 (0)11 454 2099 or complete our online application form.

Step 2

Get the following relevant documents ready to send to us. Then sit back and relax

  • Copies of all IRP5’s/IT3(a) – excluding ones prepared via Gautax monthly payroll services.
  • IT3(b)/IT3(c) for interest and Capital Gains Tax Income. ( all Bank accounts and Investments)
  • Retirement Annuity Certificates.
  • Medical Aid Tax Certificates.
  • Details of medical expenses paid by you and not covered by your medical scheme
  • Foreign Dividends and Interest.
  • Completed confirmation of diagnosis of disability
  • Did you sell, buy or rent out any property? Then we need all the relevant info.
  • Logbook with the vehicle details (a logbook is a mandatory requirement if you receive a travel allowance or had a company vehicle)
  • Commission/Contractor summary of all expenses incurred in the production of Income
  • Sole Trader Income and expenses if trading as a business.
  • Home-Office Claims ( Contact us for the detail information we require)
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