WEBVTT - Minding your Money - auto assessment

0:00:00.120 --> 0:00:01.759
<v Speaker 1>This time of the week is when we do what

0:00:01.800 --> 0:00:05.280
<v Speaker 1>we call minding your money. Tax season is coming along

0:00:05.440 --> 0:00:09.160
<v Speaker 1>and Paul Rules, our regular guests certified financial manager, is

0:00:10.000 --> 0:00:14.120
<v Speaker 1>keen that we should talk a little bit about auto assessment. Paul,

0:00:14.160 --> 0:00:17.040
<v Speaker 1>I've never tried this myself. How does it work? And

0:00:17.239 --> 0:00:19.320
<v Speaker 1>what are the ups and downs of it? If there

0:00:19.360 --> 0:00:22.639
<v Speaker 1>are indeed any downs, Good afternoon to you are there. John.

0:00:22.760 --> 0:00:25.799
<v Speaker 2>Certainly there are some upsides to it, I think, and

0:00:25.960 --> 0:00:29.400
<v Speaker 2>SARS is certainly on their game. We've spoken on the

0:00:29.440 --> 0:00:32.320
<v Speaker 2>show a couple of times already about how AI is

0:00:32.400 --> 0:00:36.159
<v Speaker 2>taking over and SIZS is certainly using that to its

0:00:36.200 --> 0:00:39.800
<v Speaker 2>full advantage. And auto assessments are Certney part and parcel

0:00:39.920 --> 0:00:42.840
<v Speaker 2>of this. And what it really means, John, is that

0:00:43.000 --> 0:00:45.960
<v Speaker 2>there's a bulk of tax players who have a very

0:00:46.040 --> 0:00:50.520
<v Speaker 2>regular type of tax return. They've got an IOP five

0:00:50.680 --> 0:00:53.159
<v Speaker 2>and perhaps one or two other medical aids that have

0:00:53.200 --> 0:00:58.440
<v Speaker 2>get some retirement and annuity. And what happens is the

0:00:58.440 --> 0:01:02.880
<v Speaker 2>AI has stepped in and size has actually said, well,

0:01:03.000 --> 0:01:06.120
<v Speaker 2>let's lean on that to see with the algorithms that

0:01:06.160 --> 0:01:09.280
<v Speaker 2>it presents, if there's anything untoward. Have we got everything

0:01:09.360 --> 0:01:12.840
<v Speaker 2>that we think we should have? Has the taxpayer submitted

0:01:12.880 --> 0:01:16.319
<v Speaker 2>everything it should have he should have, and the AAR

0:01:16.480 --> 0:01:18.440
<v Speaker 2>kind of makes a balance out of that and puts

0:01:18.480 --> 0:01:21.880
<v Speaker 2>you into a pool called auto assessment. And what it

0:01:21.920 --> 0:01:24.720
<v Speaker 2>does it just really assesses you without you having to

0:01:24.760 --> 0:01:28.000
<v Speaker 2>do anything. You don't have to go into the filing itself.

0:01:28.840 --> 0:01:32.679
<v Speaker 2>It's got everything it needs. However, it will then assess

0:01:32.720 --> 0:01:35.200
<v Speaker 2>you and that only kicks in. I might just mention

0:01:35.280 --> 0:01:37.600
<v Speaker 2>the dates star John is from the seventh to the

0:01:37.680 --> 0:01:41.920
<v Speaker 2>twentieth of July is the auto assessment period, So our

0:01:41.959 --> 0:01:44.759
<v Speaker 2>listeners should look out for that. And what it will

0:01:44.760 --> 0:01:47.680
<v Speaker 2>already do is just assess you, whether or not you've

0:01:47.800 --> 0:01:50.920
<v Speaker 2>submitted or not. It's going to assess you. However, it

0:01:51.040 --> 0:01:56.080
<v Speaker 2>is still your prerogative and also your obligation to go

0:01:56.200 --> 0:01:58.480
<v Speaker 2>back into that file to see that they actually have

0:01:59.040 --> 0:02:02.840
<v Speaker 2>everything that you think they should have. If something's left out,

0:02:03.120 --> 0:02:06.600
<v Speaker 2>then it's your obligation to put it in. And the

0:02:07.320 --> 0:02:09.320
<v Speaker 2>real good thing about this, John, and I might just

0:02:09.360 --> 0:02:12.520
<v Speaker 2>mentioned I know times against this, is that this auto

0:02:12.560 --> 0:02:16.440
<v Speaker 2>assessment is world class, yes, and all that comes YEA,

0:02:16.639 --> 0:02:20.359
<v Speaker 2>and it comes with an even biggest sort of advantage

0:02:20.480 --> 0:02:22.800
<v Speaker 2>this year is that if you go into your e

0:02:22.919 --> 0:02:26.720
<v Speaker 2>filing after the seventh, and you see there's an easy

0:02:26.760 --> 0:02:29.000
<v Speaker 2>button they call it, and what you do is you

0:02:29.080 --> 0:02:31.600
<v Speaker 2>just click onto this easy button and it's going to

0:02:31.600 --> 0:02:34.440
<v Speaker 2>give you all the things that they have you can do,

0:02:34.560 --> 0:02:36.680
<v Speaker 2>like a checklist. I haven't seen it yet because it

0:02:36.720 --> 0:02:40.240
<v Speaker 2>only opens, you know, on the seventh, but the literature

0:02:40.280 --> 0:02:42.720
<v Speaker 2>and the information that's coming through is that we apparently

0:02:42.760 --> 0:02:46.280
<v Speaker 2>can click onto this button, see what they've got, agree

0:02:46.280 --> 0:02:49.200
<v Speaker 2>with it, or actually include something that they might have

0:02:49.280 --> 0:02:52.400
<v Speaker 2>no start. And although you're being aught to assessed, this

0:02:52.480 --> 0:02:54.760
<v Speaker 2>is a caution to all our listeners. Although you've been

0:02:54.840 --> 0:02:58.280
<v Speaker 2>auto assessed, it's still your obligation to make sure that

0:02:58.280 --> 0:03:01.360
<v Speaker 2>that's correct and that they haven't left anything out. And

0:03:01.400 --> 0:03:04.280
<v Speaker 2>what will happen is simply an assessment. You either get

0:03:04.320 --> 0:03:06.919
<v Speaker 2>money back or have to pay in. You will get

0:03:06.960 --> 0:03:10.639
<v Speaker 2>that feedback once the auto assessment has been done.

0:03:11.080 --> 0:03:14.680
<v Speaker 1>Sounds good, sounds smooth, sounds well worth trying. But bear

0:03:14.720 --> 0:03:17.000
<v Speaker 1>in mind what Paul said at the beginning. If your

0:03:17.080 --> 0:03:21.000
<v Speaker 1>tax affairs are fairly straightforward, there's an ILP five. You're

0:03:21.040 --> 0:03:24.880
<v Speaker 1>in regular employment, not much has changed, your medical position

0:03:24.960 --> 0:03:28.239
<v Speaker 1>hasn't shifted dramatically. Go ahead, try it and by the way,

0:03:28.320 --> 0:03:31.360
<v Speaker 1>if you have gone the route that Paul's talking about,

0:03:31.560 --> 0:03:33.960
<v Speaker 1>maybe drop us a note. Maybe there's a glitch you

0:03:34.040 --> 0:03:37.040
<v Speaker 1>saw that could be improved. Maybe there's a recommendation you

0:03:37.120 --> 0:03:39.560
<v Speaker 1>might make on how to make the most of what,

0:03:40.200 --> 0:03:43.720
<v Speaker 1>in Paul Rulofso's view is a really world class system.

0:03:43.800 --> 0:03:46.680
<v Speaker 1>Pall back with more Minding your Money advice at the

0:03:46.720 --> 0:03:49.800
<v Speaker 1>same time next Wednesday, two minutes to five