Alexforbes, 115 West Street, Sandton
PO Box 787240, Sandton, 2146, South Africa
Tel: +27 11 269 0000
Good day everyone
I trust you are all well
What’s new on SARS eFiling
SARS has recently updated their website and EFILING with a service tool that will allow individual taxpayers to obtain a simulated tax calculation on the savings withdrawal amount, before making a decision on whether they want to access their savings
This service and function is available to All individual taxpayers, on the SARS Website Two-Pot Retirement Fund System | South African Revenue Service (sars.gov.za), besides the Two-Pot Retirement system calculator, taxpayers will find all they need to know regarding the Two Pot and services SARS provides. Calculator link: Two-Pot Retirement System Calculator (sars.gov.za)
What’s great is that SARS has also made the Two Pot Calculator available on EFILING. So you don’t have to go to the SARS website to access the calculator, you can just log on into your E-File Profile and the calculator is there under HOME.
These calculators are very simple to use, they also provide you with any debts you have with SARS and show you how this will affect your savings claim. Members must make sure their cell number and emails are updated at SARS to their current details as it uses an OTP verification process.
What this means for you
1. You can refer the client to utilise the Two Pot Retirement System calculator Two-Pot Retirement Fund System | South African Revenue Service (sars.gov.za)
2. Or you can refer the client to utilize the Two Pot Calculator on their SARS Efiling Profile
3. Always remind the clients of the disclaimer noted by SARS.
DISCLAIMER:
This is exciting news as it will reduce having requests from clients in respect of confirming what their taxable amount will be. All taxpayers can do this themselves before they make their decision on whether they access their Two Pot Savings.