Speaker 1: This time of the week is when we do what
Speaker 1: we call minding your money. Tax season is coming along
Speaker 1: and Paul Rules, our regular guests certified financial manager, is
Speaker 1: keen that we should talk a little bit about auto assessment. Paul,
Speaker 1: I've never tried this myself. How does it work? And
Speaker 1: what are the ups and downs of it? If there
Speaker 1: are indeed any downs, Good afternoon to you are there. John.
Speaker 2: Certainly there are some upsides to it, I think, and
Speaker 2: SARS is certainly on their game. We've spoken on the
Speaker 2: show a couple of times already about how AI is
Speaker 2: taking over and SIZS is certainly using that to its
Speaker 2: full advantage. And auto assessments are Certney part and parcel
Speaker 2: of this. And what it really means, John, is that
Speaker 2: there's a bulk of tax players who have a very
Speaker 2: regular type of tax return. They've got an IOP five
Speaker 2: and perhaps one or two other medical aids that have
Speaker 2: get some retirement and annuity. And what happens is the
Speaker 2: AI has stepped in and size has actually said, well,
Speaker 2: let's lean on that to see with the algorithms that
Speaker 2: it presents, if there's anything untoward. Have we got everything
Speaker 2: that we think we should have? Has the taxpayer submitted
Speaker 2: everything it should have he should have, and the AAR
Speaker 2: kind of makes a balance out of that and puts
Speaker 2: you into a pool called auto assessment. And what it
Speaker 2: does it just really assesses you without you having to
Speaker 2: do anything. You don't have to go into the filing itself.
Speaker 2: It's got everything it needs. However, it will then assess
Speaker 2: you and that only kicks in. I might just mention
Speaker 2: the dates star John is from the seventh to the
Speaker 2: twentieth of July is the auto assessment period, So our
Speaker 2: listeners should look out for that. And what it will
Speaker 2: already do is just assess you, whether or not you've
Speaker 2: submitted or not. It's going to assess you. However, it
Speaker 2: is still your prerogative and also your obligation to go
Speaker 2: back into that file to see that they actually have
Speaker 2: everything that you think they should have. If something's left out,
Speaker 2: then it's your obligation to put it in. And the
Speaker 2: real good thing about this, John, and I might just
Speaker 2: mentioned I know times against this, is that this auto
Speaker 2: assessment is world class, yes, and all that comes YEA,
Speaker 2: and it comes with an even biggest sort of advantage
Speaker 2: this year is that if you go into your e
Speaker 2: filing after the seventh, and you see there's an easy
Speaker 2: button they call it, and what you do is you
Speaker 2: just click onto this easy button and it's going to
Speaker 2: give you all the things that they have you can do,
Speaker 2: like a checklist. I haven't seen it yet because it
Speaker 2: only opens, you know, on the seventh, but the literature
Speaker 2: and the information that's coming through is that we apparently
Speaker 2: can click onto this button, see what they've got, agree
Speaker 2: with it, or actually include something that they might have
Speaker 2: no start. And although you're being aught to assessed, this
Speaker 2: is a caution to all our listeners. Although you've been
Speaker 2: auto assessed, it's still your obligation to make sure that
Speaker 2: that's correct and that they haven't left anything out. And
Speaker 2: what will happen is simply an assessment. You either get
Speaker 2: money back or have to pay in. You will get
Speaker 2: that feedback once the auto assessment has been done.
Speaker 1: Sounds good, sounds smooth, sounds well worth trying. But bear
Speaker 1: in mind what Paul said at the beginning. If your
Speaker 1: tax affairs are fairly straightforward, there's an ILP five. You're
Speaker 1: in regular employment, not much has changed, your medical position
Speaker 1: hasn't shifted dramatically. Go ahead, try it and by the way,
Speaker 1: if you have gone the route that Paul's talking about,
Speaker 1: maybe drop us a note. Maybe there's a glitch you
Speaker 1: saw that could be improved. Maybe there's a recommendation you
Speaker 1: might make on how to make the most of what,
Speaker 1: in Paul Rulofso's view is a really world class system.
Speaker 1: Pall back with more Minding your Money advice at the
Speaker 1: same time next Wednesday, two minutes to five