JOHANNESBURG - It’s tax season, and for millions of South Africans, it looks like SARS has already done the hard work.
More than 5.8 million people have received auto-assessments this year, many even scoring unexpected refunds.
But, tax experts are sounding the alarm: Accepting an auto- assessment without checking the details, could come back to bite you, from penalties and audits, to reversed refunds.
Director at TaxTim Daniel Swiegers, says while the system is convenient, with SARS being able to pull data from employers, banks, and medical aids, there are still loopholes in the system.
SARS doesn’t always have the full picture, Swiegers says.
This means extra income coming from side hustles, commissions might be missing.
On the flip side, Swiegers warns one could lose out on deductions, like charity donations.
This is because SARS doesn’t automatically pick that up.
Swiegers stresses that while SARS has made filing easier, the responsibility still sits with you, the taxpayer.
“Just because SARS has made it convenient and has given you a number and you are happy with a refund, and press accept. It does not mean SARS will come back to call you out on mistakes and issue penalties.”