Individual Tax Payers Filing Season 2023
The South African Revenue Service (SARS) will open the 2023 tax filing season on 7 July 2023 for taxpayers to submit their income tax returns for the 2023 tax year. Aut0-assessments commence end June 2023.
30 June 2023 SARS will start issuing auto-assessments
Filing season for income tax starts on 7 July 2023 at 20:00 and will close on 23 October 2023 for individual taxpayers and until 24 January 2024 for provisional taxpayers.
Taxpayers who don’t need to submit a return
A taxpayer is not always required to submit an income tax return if their gross income consists of one of the following:
- Salary not exceeding R500,000 from a single employer and employees’ tax has been withheld in respect of that salary
- If the employee receives certain allowances (travel, subsistence, etc) a return must be submitted even if the salary is below R500 000 per annum
- Interest income from a South African source (excluding a tax-free investment) not exceeding:
- R23,800 for a person younger than 65;
- R34,500 for a person who is 65 years
or older; or
- Amounts received or accrued from tax-free investments
- A single lump sum received from a pension fund, provident fund, pension preservation fund, provident preservation fund or retirement annuity fund and tax has been deducted in terms of a tax directive.
From 30 June 2023 SARS will start issuing auto-assessments to more than 3 million taxpayers.
With auto-assessments, taxpayers will be notified by SMS or email if they were selected to receive an auto-assessment. If a notification is received, the next step is to review the auto-assessment on the eFiling.
If you agree with the auto assessment
- No further action is required.
- If a refund is due, you can expect it within approximately seventy-two (72) hours, provided your banking details with SARS are correct.
- If you owe SARS, you will be required to make the payment before the due date that is shown on your Notice of Assessment (ITA34) to avoid interest charged on outstanding debt.
If you do not agree with the auto assessment
- Auto-assessed taxpayers have until 23 October 2023 to amend and file their return on eFiling if they do not agree with the auto-assessment received.
If taxpayers do not accept the auto assessment, they will then be required to file a tax return. SARS is giving until the due date of 23 October 2023 to do so.
For further assistance please contact our offices
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Kindly note this article is intended for general information purposes only and does not constitute accounting, tax, nor regulatory related advice. Should you need advice, please contact one of our practitioners.