South Africans receiving Sars auto-assessments are urged to check them carefully, particularly if they made two-pot retirement withdrawals or earn additional income. Financial experts warn that overlooking errors could result in unexpected tax liabilities.
South Africans receiving auto-assessments from the South African Revenue Service (Sars) over the next two weeks are being urged to review them carefully before accepting them, particularly if they have made withdrawals under the two-pot retirement system or earn additional income through freelancing or side businesses.
While Sars' automated assessment process has made tax filing quicker and more convenient, financial experts warn that taxpayers remain legally responsible for ensuring the information reflected is complete and accurate.
According to Thys van Zyl, chief executive officer of Everest Advisory Services, many South Africans still treat tax season as an annual administrative task rather than an opportunity to review their overall financial position.
"Tax season should not simply be seen as another form that needs to be completed. Taxpayers who receive auto-assessments should carefully review their income, deductions, medical tax credits, investment income, retirement fund contributions and any two-pot withdrawals before accepting the assessment," he says.
