Frequently asked questions
 

Taxpoint Frequently Asked Questions FAQ

 

What does Taxpoint do?

Taxpoint provides a comprehensive, personalised tax administration service. It’s a convenient service for people who need to submit annual tax returns, but who’re not comfortable to do it themselves, or do not have time to do it themselves.

 

Taxpoint services include tax registration with SARS (South African Revenue Services), ensures compliance, submission, verification of assessments and liaison with SARS. We always ensure that our clients are fully tax compliant and receive maximum tax benefits, thereby offering you total peace of mind!

 

What does Taxpoint not do?

Taxpoint services are designed to assist salaried employees. It does not handle tax submissions for self-employed people or businesses.

 

What if I’m not a registered taxpayer?

Taxpoint will register you with SARS (South African Revenue Services) and makes sure you become tax compliant.

 

What happens after I register with Taxpoint?

In order for Taxpoint to assist you efficiently, it’s important to supply all necessary tax documentation to us annually. This makes it possible for us to act on your behalf within the required tax deadlines.

 

What documentation do I send to Taxpoint?

We’ll request specific documentation from you, but general requirements cover documents such as:

  • IRP5 which states name of employer and number of months employed
  • Medical Aid statement which shows total annual contributions
  • Retirement Annuity statement which shows total annual contributions·         Relevant vehicle information if Travel Allowance reflects on your IRP5
    • Vehicle registration number
    • Make
    • Year model
    • Purchase price
    • Kilometre reading for period of tax year
  • A copy of your log book, should you have one

 

What if I don't have an IRP5?

All employers are legally required to provide employees an IRP5. It’s your right to approach your employer in this regard if you have not received your IRP5.

 

What if I don't have other statements or certificates?

Most providers such as Retirement Funds and Medical Aids send annual statements or certificates to you automatically, as it’s a SARS requirement that they supply this information for tax purposes. But if you don’t have it, it’s your responsibility to get in touch with the relevant provider and request that they send you this important documentation.

 

What if I have a Retirement Annuity policy where my company contributes and I have another policy where I make full contributions?

You definitely should provide us with both certificates, as it’s in your best interests!

 

What happens after Taxpoint has submitted my tax return?

There’s a waiting period whilst SARS assesses your tax return, and Taxpoint will handle all correspondence and follow-ups with SARS.

 

How will I know the outcome of my tax assessment?

Taxpoint will communicate with you directly via email, post or telephonically.

 

What if SARS has made a mistake on my assessment?

Once SARS releases the results of their assessment, Taxpoint does an immediate comparison with their own calculations. There could be an instance where the income tax liability of the SARS assessment may differ from our calculation. If so, we’ll then pick up on any miscalculation and follow through on this.

 

How is it possible for the SARS calculations to differ from Taxpoint?

If Taxpoint has received inadequate or incorrect information from you, this may lead to an incorrect assessment, so it’s in your best interest to supply all necessary information to us. If in any doubt, please ask us and we’ll assist you in every way. Taxpoint cannot be held responsible for an inaccurate assessment due to inadequate or incorrect information from you.

 

How will my incorrect assessment be fixed?

Rest assured that Taxpoint will automatically take action to investigate. We will determine the reason for the difference and submit a request with SARS for a revised assessment. We’ll also provide SARS with an objections letter, which will help facilitate a correction to your assessment.

 

Does a revised assessment take long to finalise?

If we submit your return via SARS e-filing, the revised assessment can take approximately 2 weeks or less. It will also depend on the further investigation SARS may need to do, in response to the Taxpoint objections.

 

Why does Taxpoint submit assessments electronically?

As a tax practitioner, if we work electronically we get improved access to certain information and documentation. This gives us the added ability of providing you with your assessment results in a short period of time.

 

What happens if I qualify for a SARS tax refund?

Taxpoint will be notified of the refund amount and will then communicate this to you. SARS then makes a direct electronic transfer into your nominated bank account.

 

Will SARS post a cheque if they don't have my bank account details?

No, SARS no longer issues cheques! So in order to receive a SARS refund quickly, it’s important that Taxpoint has your correct and active bank details, as well as your updated postal address and contact numbers. In some cases SARS may request original proof of the active bank account, but Taxpoint will notify you if this is required.

 

What if I don't qualify for a SARS refund payout?

Remember that not all taxpayers qualify for a refund payout i.e. you may have paid the correct amount of tax throughout the year. If you are required to make an additional payment to SARS, Taxpoint cannot be held responsible for losses or claims that may exceed the annual fee paid to us.

 

After my tax assessment has been finalised, what relationship do I have with Taxpoint, as their service has now been rendered?

The Taxpoint tax administration fee is spread across convenient monthly payments, rather than a lump sum annual charge. So after submitting your tax assessment, Taxpoint will continue to debit your account with R75 monthly.  But remember there are also excellent living benefits that you will continue to have access to throughout the year!

 

What if my personal information changes during the year?

In order for Taxpoint to work efficiently on your behalf, and for you to get the most out of our service, it’s important to keep us informed of any changes in your personal particulars. Again, this is in your own best interest! Taxpoint will make every effort to locate those clients whose details have changed, but we cannot be held responsibly for any miscommunication which may occur due to incorrect or outdated personal details.