If you have not submitted your tax return yet, you need to do so soon. 16 October 2017 is the last day you can eFile a 2016 Federal Income Tax Return for Tax Extension filers.
Once you submit your tax returns, you may have to be a little patient as SARS is receiving hundreds of thousands of returns from taxpayers through the group’s eFiling system. Because of the vast amount of paperwork the government department has to go through, we cannot give an exact amount of time you will have to wait for your returns, but here’s an estimate according to TaxTim’s Blog:
If you’re receiving a tax refund…
Besides the fact that it is mandatory to submit your annual tax returns, many taxpayers receive a refund from SARS due to overpaying on tax during the year. SARS has put forward a 21 day payout of refunds, but you may only have to wait as little as two to three days before you receive your tax refund.
If your documents are going in for review…
You will need to provide proof of your expenses in documented form for expense claims. SARS will request to see these documents to verify them. You will be notified via email or SMS if you need to submit any supporting documents. If you are notified, you have to upload the documents within 21 days of receiving the notification. If you fail to do so, your deductions will not be calculated. You may have to wait up to 60 days for SARS to finalise your tax return once you’ve submitted the documents.
If you request a correction…
If you forgot to include something in your tax return and therefore decide to resubmit your return, you may have to wait a day or two. You have three years to file a correction on your submitted tax return. Remember, it’s crucial that your return is accurate.
If you disagree with SARS…
If you feel as though there are inaccuracies with your ITA34 (summary of your submission from SARS), you can lodge a notice of objection within 30 days of receiving your assessment. You may have to wait up to 60 days for a response from SARS.
Are you in financial trouble?
Contact Debt Rescue if you are caught in a debt trap. We’ve helped thousands of South Africans get out of debt and we can help you too!
For additional information, visit:
https://businesstech.co.za/news/finance/184021/get-ready-to-wait-a-while-for-your-2017-tax-return/
https://www.taxtim.com/za/blog/how-long-typical-waiting-periods-from-sars
https://www.efile.com/tax-day-deadlines/
Leave a Reply