WEBVTT - New SARS eFiling feature

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<v Speaker 1>You with Cape Talk This Africa Milani on Early Breakfast.

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<v Speaker 1>Tax season opens up in about six days. The Revenue

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<v Speaker 1>Service has added an option on the E filing platform

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<v Speaker 1>ahead of that tax season. It's called Express Functionality, which

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<v Speaker 1>will be available to you and I and apparently it's

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<v Speaker 1>going to make it easier for you to view, to

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<v Speaker 1>update and to manage your tax affairs. Joenning. On the

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<v Speaker 1>line is Stephen Devett, chairperson of the Financial Planning Institute's

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<v Speaker 1>Tax Competency Committee. Steven A, very good morning and welcome to.

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<v Speaker 2>The show, Morning Africa. Thank you.

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<v Speaker 1>Is this going to help this express Functionality that SARS

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<v Speaker 1>is designing into the E filing platform.

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<v Speaker 2>I suppose we should say yes. It's not earth shatteringly new.

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<v Speaker 2>Third party information that's been updated into e filing has

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<v Speaker 2>been happening since around twenty twenty one. But what they

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<v Speaker 2>have done is they've added functionality now that makes the

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<v Speaker 2>data that has been provided available to us in advance,

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<v Speaker 2>which we've never previously been able to see, and we

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<v Speaker 2>now have the ability to add other forms that have

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<v Speaker 2>perhaps not been uploaded, which should have been so when

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<v Speaker 2>the banks or the insurance companies or the medical aid funds,

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<v Speaker 2>upload certificates in advance. You can now go in and

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<v Speaker 2>if there's a bank certificate missing that you can identify,

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<v Speaker 2>you can now add that. However, that's always been able.

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<v Speaker 2>We've always been able to add that within the tax

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<v Speaker 2>returns when we open our tax returns after the seventh

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<v Speaker 2>of July. And that's why I say it's not worth

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<v Speaker 2>shatteringly new, but yes, it can help. And I think

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<v Speaker 2>the fact that it's more transparent now that it's there,

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<v Speaker 2>that's a great idea. So does it simplify the process?

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<v Speaker 2>I don't think that makes it any simpler than what

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<v Speaker 2>it's always been. You know, whether you've added it into

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<v Speaker 2>your tax return later or now do it in advance.

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<v Speaker 2>It's six of one and a half a dozen of

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<v Speaker 2>the other. But I do think what Size is aiming

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<v Speaker 2>at is to say, well, if you've if we've got

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<v Speaker 2>all the data now, it will speed up the auto

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<v Speaker 2>assessment process.

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<v Speaker 1>And for me, I imagine that's the greatest benefit. Right

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<v Speaker 1>instead of toing and throwing as you are updating, making

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<v Speaker 1>amendments and changes, you now, as you say, do it

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<v Speaker 1>ahead of time so that when the Revenue services and

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<v Speaker 1>assesses your tax affairs they're able to go cool, you

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<v Speaker 1>owe us or we owe you, and then hopefully settle

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<v Speaker 1>the matter with some speedy fashion.

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<v Speaker 2>Yes, so that you're quite right. So it does allow

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<v Speaker 2>for that obviously for people with very simple returns, that

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<v Speaker 2>then becomes a quick and easy process. For people with

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<v Speaker 2>more complex tax situations where they then have deductions and

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<v Speaker 2>expenses to claim against that that still has to be

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<v Speaker 2>filed and you go through the normal process. But even

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<v Speaker 2>for people with complex tax situations, and it's typically them

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<v Speaker 2>that we have certificates missing, you know, they won't all

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<v Speaker 2>be the and then you can add them up front,

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<v Speaker 2>and then when the filing season opens, you add your

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<v Speaker 2>expenditures with all the supporting documents, and then you can

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<v Speaker 2>go ahead. And I think that for me, you know,

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<v Speaker 2>I have this opinion that nobody should just accept the

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<v Speaker 2>auto assessment when they come up and they say you've

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<v Speaker 2>been auto assessed? Do you want to accept it? And

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<v Speaker 2>you quickly take yes. I believe that even people with

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<v Speaker 2>simple tax returns should in fact open that tax return,

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<v Speaker 2>double check everything that's in there, and also use the

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<v Speaker 2>tax calculator option that's provided within your return, and do

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<v Speaker 2>a provisional calculation for yourself, and you get a provisional assessment,

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<v Speaker 2>and then you double check that and then you save

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<v Speaker 2>and file your return. Too many people think, oh, I'm

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<v Speaker 2>getting five hundred grand back, let me accept it and

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<v Speaker 2>let's move on. I think you know, double check it pays.

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<v Speaker 2>It's always a good idea. It makes you a better

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<v Speaker 2>tax player when you start looking at that sort of stuff,

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<v Speaker 2>even though you've looked at all of this in advance.

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<v Speaker 1>So what put of information should we be looking for, steven,

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<v Speaker 1>and make sure that is included in our assessment.

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<v Speaker 2>I always double check that all the incomes that I've

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<v Speaker 2>got are number one there and that they have been

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<v Speaker 2>properly and correctly processed, and not that numbers have been

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<v Speaker 2>changed or whatever, because it can happen. And similarly with

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<v Speaker 2>the expenses that I'm needing to claim, and I re

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<v Speaker 2>look at it and I say, well, have I got

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<v Speaker 2>all the expenses that I'm allowed and entitled to claim?

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<v Speaker 2>Are they in my return? Have I captured them and

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<v Speaker 2>processed them properly? And then I can accept my assessment

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<v Speaker 2>and my return and I submit and file it. So

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<v Speaker 2>that's really what it's broad based. It's incomes and expenses.

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<v Speaker 2>Make sure that everything's there, make sure that the numbers

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<v Speaker 2>are correct, and by doing that provisional assessment and using

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<v Speaker 2>that tax calculator, you can actually see whether you've captured

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<v Speaker 2>it into the correct fields, because that creates a problem

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<v Speaker 2>if you're putting numbers into a different fiel where Size

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<v Speaker 2>is not expecting it, they reject it and kick it

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<v Speaker 2>out and tell you that you've disclosed your information incorrectly.

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<v Speaker 2>So those are the things that I would check. And

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<v Speaker 2>then of course that leads you to this promise of

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<v Speaker 2>a seventy two hour refund, which is a great idea.

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<v Speaker 2>I'm personally not holding my breath based on the experience

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<v Speaker 2>that we've had over the last fifteen to twenty years.

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<v Speaker 2>But to Sis's credit, if they are now beginning to

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<v Speaker 2>let me use the word inter commas, behave better because

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<v Speaker 2>they've been putting taxpayers under immense pressure to be more

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<v Speaker 2>and more compliant and they believe that we should be better.

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<v Speaker 2>If Size is now going to be doing the same,

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<v Speaker 2>then that's great. You know, I'm looking forward to seeing

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<v Speaker 2>that happen, because taxpayers have become slightly miserable about the

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<v Speaker 2>way Size has been behaving and been putting us under

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<v Speaker 2>great pressure so let's see saras can turn themselves around

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<v Speaker 2>and actually do this. They've not met their promises of

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<v Speaker 2>refund times in all cases in the past, but if

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<v Speaker 2>I do it now, this would be a wonderful news

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<v Speaker 2>and would be a great thing to see.

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<v Speaker 1>Let's hope. We should note that if you are auto assessed,

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<v Speaker 1>you will receive a notification from the seventh until the

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<v Speaker 1>twentieth of July, and then tax players who did not

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<v Speaker 1>receive that notification during that period you encouraged to submit

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<v Speaker 1>your tax returns with accurate information from the twenty first

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<v Speaker 1>of July, and the tax season will close on the

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<v Speaker 1>twentieth of October. Stephen, thank you very much indeed for

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<v Speaker 1>your time this morning. Stephen Devett is a chairperson of

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<v Speaker 1>the Financial Planning Institute's Tax Competency Committee. All of this

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<v Speaker 1>comes into effect on the seventh of July. We did

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<v Speaker 1>reach out to the Revenue Services to request an interview

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<v Speaker 1>on this. There are stress testing the system and offered

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<v Speaker 1>us an interview after the seventh and we'll try and

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<v Speaker 1>allocate as much time as possible so that you can

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<v Speaker 1>get to ask your questions of the tax official.