South Africa | Employment Tax | SARA auto assessments


July 10, 2024

Employment Tax

South Africa | SARA auto assessments

Summary

With the commencement of the 2024 South African Tax Filing Season, it is essential that taxpayers understand their obligations regarding auto assessments issued by SARS for the 2024 tax year.

The detail

2024 SARA auto assessments

In Alignment with previous years, SARS announced the issuance of auto assessments to eligible taxpayers for the 2024 tax year. The auto assessments will be issued by SARS during the period 1 July to 14 July 2024.

What is an Auto Assessment?
During the above-mentioned period, SARS will issue an auto assessment for eligible taxpayers by using the information provided to them by third-party providers including:

  • Remuneration data from taxpayer’s employers.
  • Investment income including interest, dividends and REIT income from pertinent financial institutions.
  • Personal retirement annuity fund contributions from applicable funds.
  • Tax deductible donations to section 18A approved organisations.
  • Medical aid data from registered medical aid schemes in South Africa.

What to do if you receive an Auto Assessment?
On receipt of an auto assessment from SARS, taxpayers are advised to carefully review the pre-populated income and deductions recorded by SARS on both the tax return and assessment. This verification ensures that all mandatory disclosures are accurate and complete.

Should taxpayers agree with the assessment, no additional steps are necessary, and the assessment will be considered final by SARS. Based on previous experience, once an auto assessment has been issued:

  • Any refund due will be settled by SARS within 3 business days provided the taxpayers banking details are up to date with SARS.
  • Any payment requirement will be due to be settled with SARS as per the specified date on the assessment.

Should taxpayers disagree with the auto assessment, they may submit an amended return to SARS, incorporating any additional income or deductions. This amended return must be submitted to SARS before the 2024 tax filing deadline on 21 October 2024.

Upon submission of the amended return, SARS will request supplementary supporting documentation to enable taxpayers to substantiate the additional disclosures such as travel allowance claims, home office expenditure claims or rental income received etc.

Taxpayers are encouraged to adhere closely to the aforementioned guidelines to facilitate a streamlined process when managing auto assessments.

Contact us

For a deeper discussion on the above, please reach out to your Vialto Partners point of contact, or alternatively:

Kesiree Mari
Director – South Africa

Craig Willson
Manager – South Africa

Further information on Vialto Partners can be found here: www.vialtopartners.com

Vialto Partners (“Vialto”) refers to wholly owned subsidiaries of CD&R Galaxy UK OpCo Limited as well as the other members of the Vialto Partners global network. The information contained in this document is for general guidance on matters of interest only. Vialto is not responsible for any errors or omissions, or for the results obtained from the use of this information. All information is provided “as is”, with no guarantee of completeness, accuracy, timeliness or of the results obtained from the use of this information, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, merchantability and fitness for a particular purpose. In no event will Vialto, its related entities, or the agents or employees thereof be liable to you or anyone else for any decision made or action taken in reliance on the information in this document or for any consequential, special or similar damages, even if advised of the possibility of such damages.

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Further information on Vialto Partners can be found here: www.vialtopartners.com

Vialto Partners (“Vialto”) refers to wholly owned subsidiaries of CD&R Galaxy UK OpCo Limited as well as the other members of the Vialto Partners global network. The information contained in this document is for general guidance on matters of interest only. Vialto is not responsible for any errors or omissions, or for the results obtained from the use of this information. All information is provided “as is”, with no guarantee of completeness, accuracy, timeliness or of the results obtained from the use of this information, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, merchantability and fitness for a particular purpose. In no event will Vialto, its related entities, or the agents or employees thereof be liable to you or anyone else for any decision made or action taken in reliance on the information in this document or for any consequential, special or similar damages, even if advised of the possibility of such damages.

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