Mistakes happen! Maybe you forgot to add your rental income to your total income on your income tax return. Or perhaps your capital gains for the year were higher than you originally estimated. Or maybe your medical aid was late in getting your statement to you, and you underestimated how much you could claim. Or you just made a simple mistake. Luckily, SARS is well aware that these things happen, and you can always re-request your income tax return for a ‘revision’ or correction to account for a change. It is natural to worry about how this may impact your wider tax obligations throughout the year, so today, we’ve compiled this guide to help exploring everything you need to know about tax return revisions and SARS.
How Many Times Can I Revise Tax Return?
There isn’t a strict limit on the number of times you can revise your tax return. SARS knows that mistakes happen, which is why the revision option is on offer. You can even go back beyond the current year and revise older returns if an inaccuracy has come to light. You have the flexibility to amend your submission as needed, whether to correct errors, update information, or include missed details.
However, just because you can doesn’t mean you will avoid scrutiny for doing so! Scrutiny isn’t necessarily something to worry about (if you are doing it for good reasons), but revising a return more than once or twice may be enough to trigger SARS to watch your affairs more carefully or flag you for verification. If you find you need to do multiple revisions for legitimate reasons, you can always explain why so many changes were needed to SARS. But it is likely to be picked up as an unusual activity. In case you weren’t aware, SARS allows you to save and return to your tax return (without submitting it each time) until you are confident that it is as correct as possible. Only then should you submit it for processing.
Is There Any Penalty for Filing a Revised Return?
Generally, there is no penalty imposed solely for filing a revised tax return in South Africa. The tax system recognizes that mistakes can occur, and revisions may be necessary to adjust the return to show accurate financial information.
However, while the simple act of revising a tax return itself does not attract penalties, failure to rectify errors or omissions promptly can lead to penalties, interest, or other consequences down the line if the revision significantly changes your claimed expenses, tax bracket, or income. Say you missed something that adds another R50,000 to your tax liability- you will receive any interest or penalties for that underpayment if the payment deadline has passed. If the revision went in before the payment deadline, there will be no penalty. It is advisable to address any inaccuracies as promptly as possible to reduce or avoid these potential complications.
Can I Resubmit my SARS Tax Return?
Yes, you can resubmit your SARS tax return if you discover errors or omissions after your initial submission. Simply head to the SARS e-filing platform and navigate to the return that needs an amendment. Select ‘request for resubmission’, make the needed changes, and then re-submit the form. If there is an additional payment due because of the change, you will also need to settle that promptly.
How Do I Check My Revised Return Status?
To check the status of your revised tax return, log in to the SARS eFiling platform. Navigate to the ‘Returns’ tab and select ‘View Notice of Assessment.’ This section will provide information about the status of your revised return, including whether it has been accepted or if further action is required. Regularly monitoring the status of your revised return allows you to stay informed about the progress and ensures that any additional requirements from SARS are addressed promptly.
How Do I Revise My Income Tax Return?
Revising your income tax return is easy! Start by logging in to the SARS e-filing platform. Head to the ‘returns history’ tab and find the already submitted return you want to alter. Click on the form itself. Below the section that shows you that this return has been previously filled, you will see a button labeled ‘request for correction’. Click this, and a second line will appear (under the old return) with a new, editable return you can correct as needed. Update the fields or information that needs to be fixed, and then click the ‘submit’ button to re-file the corrected return. Remember that any additional payment needed as a result of the changes will also need to be paid over.
What are the Late Fees for a Revised Return?
There is no default late fee charged on a revised return by SARS. However, if you have underpaid your due tax as a result of the error you will be fixing, and the payment deadline for it has passed, you may attract late penalty fees or interest for the underpayment. Just as in any other case where you do not fully settle the tax liability by the deadline.
If you spot a mistake or omission on your tax return, correcting it is simple. So be sure to do so as soon as you realize there has been a mistake to reduce any knock-on impact on your tax duties.
