Navigating the Tax Labyrinth
5 Reasons You Need a Registered Tax Practitioner
The role of tax practitioners is to provide reassurance that you are not underclaiming and safeguard you from potential SARS audits. Here are five reasons to engage a registered tax practitioner for your tax administration requirements.
Newly Introduced Auto-Assessments
SARS has initiated issuing ‘preliminary estimated assessments’ as part of their auto-assessment procedure. While this approach alleviated the stress of tax handling, it is crucial to note that auto-assessments are not always accurate. A professional tax practitioner can review your auto-assessment and file an updated return if there are any discrepancies.
Navigating Personal Income Tax Enhancements
SARS has implemented several complex personal income tax enhancements in the last tax season. With the guidance of a registered tax practitioner, you can rest assured that your tax return is processed correctly in line with amendments.
Decoding Trust Income Tax Returns
Navigating the complexities of trust tax returns can be daunting, especially since a new, streamlined return form has been introduced. When completing these fields, selecting the appropriate type of return on the eFiling Tax Return Wizard is essential. Engaging a registered tax practitioner to handle this intricate process on your behalf is recommended.
Avoiding Underestimation Penalties
Tax practitioners are experts in taxation and use their knowledge and expertise to guide individuals and businesses through the labyrinth of tax laws and regulations. One of their key roles is helping clients minimise potential penalties related to their tax obligations.
This tax season, SARS released a statement emphasising its firm position against inaccurate declarations. It further accentuated that most tax returns submitted by tax practitioners are accurate and comprehensive. In instances where a refund is warranted, it is typically processed and disbursed within 72 business hours.
Simplifying Your Tax Matters
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