The top 3 accounting tasks your business should outsource

A person explaining the top 3 accounting tasks that businesses should outsource

The top 3 accounting tasks your business should outsource

As a business grows, things start to change and it often becomes more difficult for business owners to keep up with all the necessary things that need to be done on a daily, weekly and monthly basis.

When it comes to accounting, there are easier ways to make sure that your internal accounting functions are always up to date – By taking advantage of outsourced accounting, you’ll have more time on your hands to focus on your core business activities without having to worry about your accounting tasks.

Top 3 accounting tasks business should outsource

Bookkeeping

Bookkeeping is an essential part of accounting which can often seem like a simple and straightforward task, however, it can easily become overly time consuming and technical. Bookkeeping is largely one of the most popular outsourced accounting tasks simply because of its time consuming nature. What also makes it a great choice to outsource is that bookkeeping doesn’t require comprehensive knowledge of a business. By outsourcing your bookkeeping, your business has the potential to save time, money and resources whilst adding value to your business.

At Open Books, we have a team of skilled bookkeepers who are equipped to handle your bookkeeping and VAT tasks of varying volumes.

Payroll

Processing your businesses payroll in-house can often be a stressful, time-consuming and costly process, especially if there is a shortage of resources. Payroll is not only a core function for a business, but it’s also vital for maintaining employee morale and confidence. If your employees are not paid correctly and on time, it will likely negatively impact employee retention.

Outsourced payroll has a number of benefits, including:

Cost savings:
Your business can drastically reduce operational costs associated with hiring an in-house staff member, including salary, training, hardware and software costs.

Access to the latest tech:
Technological limitations are among some of the top reasons why companies are choosing to outsource.

Outsourced payroll partners like Open Books use robust technology and cloud-based solutions which enable employees to access their information with ease.

Access to payroll expertise:
At Open Books, we have a team of payroll experts who have extensive knowledge in payroll and payroll software. Our payroll experts are extremely skilled in what they do, and by utilising an outsourced payroll partner, your payroll will be seamless.

Preparation of statements/reports

Another accounting function that is often outsourced is the preparation of financial statements and reports. These documents are extremely important as they offer incredible value to a business in the form of statistical data and future forecasts. Outsourced accounting firms can prepare monthly, quarterly and annual financial statements and reports which offer great insights and an edge over competitors.

How Can OpenBooks Help?

At Open Books, we have a team of experienced professionals and financial experts who can help you with all your accounting needs. We are proud to offer our clients services and support that follow country-specific accounting and tax requirements. Outsourcing with Open Books can help you save money whilst scaling your business at the same time.

Don’t hesitate, contact us today regarding any of your accounting needs, our team of professionals are ready to assist you.

Why are Companies Switching to Outsourced Accounting?

Why are Companies Switching to Outsourced Accounting?

The business landscape is continuously transforming year-on-year, and businesses need to adapt to the new challenges brought about by this transformation. With a myriad of new concerns brought about by increased targets, ever-changing regulatory compliance and increasing pressure from competitors, companies need more efficient business strategies. 

In response to the ever changing business landscape, many companies are incorporating outsourcing into their business strategies, and by outsourcing their accounting function, businesses are reducing their overheads and increasing their bottom line in several ways. Read on to find out how.

The top reasons why companies are outsourcing their accounting function

 

Saving money

Businesses typically spend a substantial amount of their revenue to properly train internal accounting staff. By outsourcing your accounting functions, you can lower the costs associated with employee expenses such as employee benefits, training, hardware and even office space. South Africa, as a BPO destination, offers major cost savings to source destinations such as the UK, US, and Australia of at least 40%– 45% on a steady-state operating basis (including overheads).

Saving time

Outsourcing your accounting function could present you with an incredible time saving opportunity, allowing you to focus on growing your business. Accounting tasks are generally admin-intensive and time consuming, however, through outsourcing, a business owner can re-focus their time and resources on revenue generating aspects of the business.

Access to Expertise

Small businesses often can’t afford to hire an experienced in-house accountant and often tend to hire someone who is less skilled. By outsourcing your accounting functions, however, you will gain access to a highly qualified team of professionals with a wide range of experience and expertise, ensuring that your accounting needs are always taken care of on time, whilst adhering to all relevant regulations.

Scalability 

Whether your business is small or large, you’re going to want to have the flexibility to scale up or down without suffering from a loss of profit. This is where having in-house accounting staff could be a problem, as a sudden drop in revenue may force you to lay off staff. Through outsourcing your accounting functions, you can scale up (or down) in a heartbeat, without impacting your employees.

Ready to start outsourcing?

If you’re ready to save time and money whilst you grow your business, then you should seriously consider outsourcing your accounting needs to a professional outsourced accounting partner like Open Books

Our team of dedicated professionals have experience in providing services across multiple industries and sectors, they also have extensive experience across multiple accounting, payroll and financial systems. Feel free to contact us regarding any of your accounting needs, our team of professionals are ready to assist you.

5 Tips to Manage your Payroll Effectively

Tips to help you manage payroll

5 Tips to Manage your Payroll Effectively

Payroll is a core function of any business, no matter the size. If you are not effectively managing your businesses payroll, it can cause some major issues. Payroll is not only a core function for a business, but it’s also vital for maintaining employee morale and confidence. If your employees are not paid correctly and on time, it will likely negatively impact employee retention.

 

If you are unsure of how to manage payroll effectively, you are not alone. Many businesses struggle with this function and are unsure of the best ways to manage their payroll. Here are 5 tips to help you manage your payroll:

 

1. Get organised

When it comes to payroll, organisation is key. The more organised you are with your payroll documents, the easier your payroll tasks will be to complete. This is where a payroll calendar can come in handy. A payroll calendar will help you keep track of all important dates, reminding you of all your deadlines. An effective payroll calendar will help plan and reduce stress.

 

2. Ensure payroll staff are trained

Effectively managing payroll is not as simple as you may think, it can often be an extremely difficult task and there is a certain level of skill and knowledge that is required. It is, therefore, essential that your payroll team have undergone the necessary training. Furthermore, new technologies are constantly being developed, so it’s important that your payroll staff are keeping up to date with the relevant technology. It’s also important for payroll staff to attend regular conferences or training sessions so they can learn about improving your company’s payroll process.

 

3. Stay up to date with the relevant payroll regulation

Legislation relating to payroll is constantly evolving, and in order to avoid any penalties or legal issues, you should always ensure that you are up to date with all payroll legislation. Penalties and other non-compliance issues have the potential to hamper the growth of your business and become an enormous headache for a business owner.

 

4. Get the right software

Technology has made payroll processing easier to manage. The advances in technology have made payroll much easier to manage. Nowadays, payroll software can handle anything from time-tracking, forms, employee time off, and much more. The trick is, however, to choose the right software for your business.

 

5. Outsource your payroll

Managing your own payroll can be stressful. If handling your own payroll is not working for you, then you can also try outsourcing your payroll. By outsourcing this function to a trusted outsourced partner like Open Books, you will gain access to payroll experts who have extensive knowledge in payroll and payroll software. Check out our blog to discover the benefits of outsourcing your payroll.

By utilising an outsourced payroll partner, your payroll will be seamless. Ready to start outsourcing your payroll? Get in touch with Open Books today!

5 Benefits of Outsourced Bookkeeping

5 Benefits of Outsourced Bookkeeping

The expansion of modern technology specifically, cloud computing, has made outsourced accounting more accessible to business owners around the globe. It’s brought us closer to people who can help us with the day to day operations and other business needs, helping our businesses run smoothly and generate more profit. 

Many business owners confess to not having the necessary time or skill to carry out bookkeeping tasks themselves, which often result in neglected financial accounts. As a business owner, ensuring that your business is financially healthy should be a top priority. If your goal is to expand your business, then you should explore the possibility of outsourcing your bookkeeping services to a professional outsourced accounting partner like Open Books. We explore 5 benefits of outsourcing your bookkeeping:

1. Saving time and money

Outsourcing your admin-intensive tasks, like bookkeeping, can save you an immeasurable amount of precious time and money. Back-end office functions can be incredibly time consuming, distracting you from your core business functions. Furthermore, by outsourcing your bookkeeping, you can save on the costs associated with hiring a full-time employee. By outsourcing your bookkeeping, you will only pay for what you need, when you need it.

2. Access to a team of experts

Outsourcing your bookkeeping to a professional accounting firm will give you access to a team of highly skilled individuals who are at your disposal. When you outsource your bookkeeping, a team will be handling it, but when you in-house this function, then it is usually handled by an individual. Just as you are an expert in the particular field of business that you operate, you need an expert to manage your financial information, and who better to do this than the team of experts at Open Books.

3. Access to the latest software

Outsourcing your bookkeeping and other accounting functions gives you access to the most advanced accounting software and tools, without personally having to pay for them. Cloud-based accounting software is often expensive and most small businesses cannot afford to pay their fees. By outsourcing, you will be able to benefit from the latest software, without having to absorb the expenses related to it.

4. Reduced errors

When hiring an in-house bookkeeper, you will usually only hire one person for the job. This makes you solely reliant on that one specific person to do your bookkeeping. Not only does this create more room for error as there is only one person to manage your books, but it also has the potential to hinder your business. If this person is sick or on leave, there is no one to manage your books. When you make use of an outsourced bookkeeping partner, you gain access to a whole team of bookkeepers, which means that there is less room for errors as more than one person will be making sure your books are correct and up to date.

5. Adaptability and scalability 

Whether your business is small or large, you’re going to want to have the flexibility to scale up or down without suffering from a loss of profit. This is where having in-house bookkeepers could be a problem, as a sudden drop in revenue may force you to lay off staff. By having an outsourced bookkeeping partner, you can scale up (or down) in a heartbeat, without impacting your employees.

At Open Books, we offer our clients services and support that follow country-specific accounting and tax requirements. Our team of dedicated professionals have extensive experience in providing quality outsourced accounting services across multiple accounting functions. Contact us regarding any of your outsourced accounting needs.

What is Outsourced Accounting and How Can it Help Your Business?

The time saving benefits of outsourcing your accounting

What is Outsourced Accounting and How Can it Help Your Business?

Outsourcing is by no means a new concept, especially to the accounting industry. Many businesses both small and large have been outsourcing their accounting functions for a number of years. Currently, accounting is regarded as the most outsourced industry sector. Many small businesses often turn to outsourcing when it comes to their accounting needs as these tasks require a specific skill set that they might not possess in-house. As of April 2021, 37% of small businesses outsource their accounting functions.

What is Outsourced Accounting?

Outsourced accounting is when a business hires a third party (an outsourced partner) to complete accounting tasks and functions for their business instead of completing these tasks in-house. Accounting firms like, Open Books, who offer outsourced accounting services usually handle a variety of tasks including: payroll, bookkeeping, taxation, financial reporting, business advisory, capturing and processing services, ect.

Outsourced accounting is an extremely popular choice for many businesses, including accounting firms, who want to reduce their overhead expenses without compromising efficiency. For accounting firms, outsourced accounting gives them the opportunity to have an offshore extension of their internal team, which can be used to soften the workload.

How Can it Benefit Your Business?

  • Save Money

By hiring an outsourced accounting partner to handle your accounting needs, you are likely to save a large amount of money as outsourcing is generally much more cost-effective than hiring in-house staff. In-house accountants can often be very costly when you consider factors such as office space, equipment and employee benefits.

  • Improved Productivity 

Outsourcing your accounting functions will allow you to invest more time and money into the revenue generating activities of your business. Allowing a team of trained professionals to handle all of your accounting needs will ensure that all accounting tasks are completed on time, with the highest level of accuracy.

  • Access to Expertise

By outsourcing your accounting functions, you will gain access to a highly qualified team of professionals with a wide range of expertise. This will ensure that your accounting needs are always taken care of on time whilst adhering to all relevant regulations.

  • Enhance Scalability Opportunity 

If you are looking to grow your business, then having an outsourced accounting partner will benefit you. Accounting functions can often be extremely difficult and time consuming, distracting you from your core business. By outsourcing you will be able to focus solely on the revenue generating activities of your business which will in turn, help your business grow.

Ready to Get Started?

If you’re ready to save time and money whilst you grow your business, then you should seriously consider outsourcing your accounting needs to a professional outsourced accounting partner like Open Books. Our team of dedicated professionals have experience in providing services across multiple industries and sectors, they also have extensive experience across multiple accounting, payroll and financial systems. Please feel free to contact us regarding any of your accounting needs, our team of professionals are ready to assist you.

What Are The Benefits Of Outsourced Accounting?

A clock which emphasises the time saving benefits of outsourced accounting

What Are The Benefits Of Outsourced Accounting?

Businesses are continuously exploring new ways to reduce their operational costs, without compromising the integrity of their business. If anything, Covid-19 has shown us that we need to be prepared for anything that life may throw at us. Many companies were negatively affected by the hard lockdowns and the work from home strategies, as they were not prepared for them. Some companies have since realised that they no longer require certain in-house staff and have opted to outsource them. Accounting is one of the most common areas where businesses are choosing to outsource.

 

Having an in-house accounting team was the traditional way to handle a businesses accounting needs, however, this is no longer the case. Nowadays, businesses are choosing to rather outsource their accounting needs so they can reduce their operational costs and focus on their core business.

 

This is why many companies, both small and large are turning to outsourcing to solve all of their accounting needs. We explore the various benefits associated with outsourced accounting.

 

The Benefits of Outsourcing your Accounting Functions

 

  • Reducing business costs

If you choose to outsource your accounting functions, you will benefit by saving a large amount of money. You will be able to save on the costs associated with employing a full time accounting team, your business will no longer need to devote valuable time or money to training, equipment and other costs such as salaries and employee benefits. Some accounting firms that offer outsourced accounting services have a variety of payment structures, some services are offered on a pay per head basis, whilst others are offered on a time based structure. Either way, you will only pay for the services you need.

 

  • Improving productivity within your business

Outsourcing your accounting functions will allow you to invest more time and money into the revenue generating activities of your business. Allowing a team of trained professionals to handle all of your accounting needs will ensure that all accounting tasks are completed on time, with the highest level of accuracy. Outsourcing your accounting needs will further benefit your business as all suspicious activity is immediately reported to the business owner, which will eliminate the risk of internal fraud.

 

  • Adhering to compliance requirements

If you decide to outsource your accounting functions, you will no longer need to worry about the ever-changing regulatory requirements. Your outsourced accounting partners are in tune with all of the relevant laws across the industry. They are constantly monitoring the relevant regulations to ensure that you are compliant. You will have peace of mind in knowing that all of your accounting needs are being completed by a qualified expert, adhering to all the relevant laws and regulations.

 

  • Experience with leading software

Outsourced accounting firms have access to, and experience with a variety of the leading accounting software and cloud-based solutions on the market. By outsourcing your accounting needs, you won’t need to purchase your own software, which can often be quite costly. Additionally, there will be no need to spend an excessive amount of time or money on training your in-house staff, as outsourced staff will already have been trained and will have experience using the software.

 

How Can OpenBooks Help?

Outsourcing your accounting functions may seem quite intimidating, but when you choose the right partner, the benefits will be endless. At Open Books, we are proud to offer our clients services and support that follow country-specific accounting and tax requirements. Our team of dedicated professionals have experience in providing services across multiple industries and sectors, they also have extensive experience across multiple accounting, payroll and financial systems. Please feel free to contact us regarding any of your accounting needs, our team of professionals are ready to assist you.

5 Benefits of Outsourcing your Payroll

5 Benefits of Outsourcing your Payroll

Outsourcing, especially when it comes to accounting functions, is by no means a new practice. Many companies, both small and large have been outsourcing their payroll for years. More and more businesses are looking for opportunities to save money and reduce operational costs without compromising the efficiency of the business. 

If you are considering whether or not outsourcing your businesses payroll is the right decision, we discuss the various benefits associated with making use of an outsourced payroll partner like Open Books:

1. Cost, Time Savings

Processing your businesses payroll in-house can often be a time-consuming and costly process. By outsourcing your payroll function, you will be able to reduce your businesses operational costs in the sense that you won’t have to pay an in-house employee their salary and benefits. You also won’t incur any of the costs associated with the software, hardware, training and security that comes with managing payroll. Furthermore, by choosing to outsource your payroll to an outsourced payroll partner like Open Books, you will have more time and money to focus on your core business activities. 

2. Mitigated Risk

If the Covid-19 pandemic taught us anything, it would be that we should be prepared for anything. Having a dedicated employee looking after your businesses payroll may not be the best decision as this will create dependency. People often fall ill, resign or in unfortunate circumstances, like during the pandemic, many businesses were forced to reduce costs by downscaling the size of their teams. This is where outsourced payroll can be extremely beneficial, your business can save money and not be dependent on one individual. Outsourcing your payroll will give you peace of mind that your payroll will always run on time.

Legislative compliance can also be something to consider. Legislation can often be complex and it is extremely important to stay up to date with all of the relevant changes, this can often be quite challenging and the last thing your business needs is a fine or penalty because you are not compliant with the relevant legislation. By making use of a trusted payroll partner like Open Books, you will have peace of mind knowing that your payroll is compliant with all of the relevant legislation.

3. Access to The Latest Technology

Technological limitations are among some of the top reasons why companies are choosing to outsource. Outsourced payroll partners like Open Books use robust technology and cloud-based solutions which enable employees to access their information with ease. An added benefit of using an outsourced partner is that you will not personally bear the cost of the software that is used for payroll, these can often be extremely expensive and are completely covered by your partner.

4. Enhanced Security

The payroll process can be quite complicated and the possibility of a data breach is not uncommon. There are plenty of hackers and scammers who threaten your business and employees’ security. Preventing employee data from being compromised is always a top priority. Most outsourced payroll providers use cloud-based systems that are more secure and offer benefits like monthly scans, antivirus protection and encrypted data. Your outsourced payroll partner will ensure that all of your data is securely stored, as this is crucial to the success of their business. 

5. Access to Payroll Expertise

Payroll can often be quite challenging for most businesses, by outsourcing this function to a trusted outsourced partner like Open Books, you will gain access to payroll experts who have extensive knowledge in payroll and payroll software. These payroll experts are extremely skilled in what they do, by utilising an outsourced payroll partner, your payroll will be seamless. Furthermore, your payroll partner is far less likely to make a serious error than your in-house staff. Some outsourced partners will bear the cost of penalties due to incorrect calculations or late payments, provided that you have given them the necessary information on time.

Outsourcing your payroll function may seem quite intimidating, but when you choose the right partner, the benefits will be endless. The team at Open Books have extensive experience across multiple accounting, payroll and financial systems. Should you be interested in outsourcing your payroll or another accounting function, please feel free to contact us.

TAX – Your questions answered

TAX - Your questions answered

Tax season rolls around every year, and for some, it seems an Everest-like endeavour to overcome. To assist you, our team of tax professionals have compiled a range of frequently asked questions covering all things tax-related. We hope this assists you.

1. I have received a SARS auto assessment notification. Should I simply accept SARS' assessment of my income tax for the year?

No. Your auto assessment should be thoroughly checked to ensure that all relevant tax certificates have been taken into account and all relevant deductions have been correctly included eg. Travel allowance, home office allowance, donations to charities and wear & tear. If this is not the case, the assessment should be edited to correctly reflect all relevant information and submitted to SARS.

2. What is the difference between a reimbursive travel allowance and a fixed travel allowance?

A fixed travel allowance is an allowance which is given as a fixed amount to an employee towards travelling expenses for business purposes, and is normally paid as part of the employee’s normal remuneration package. 80% of the fixed allowance received is subject to employees tax, unless the tax payer can prove (through use of a logbook) that their business travel for the year of assessment was greater than 80% of their total travel, in which case only 20% of the fixed allowance received is subject to employees tax.

A reimbursive travel allowance is an allowance which is based on the actual distance travelled for business purposes (excluding private travel).  These amounts are normally paid by an employer to an employee by multiplying the actual business kilometres travelled by a rate per kilometre. A reimbursive travel allowance is non taxable if the reimbursive allowance:

– does not exceed the rate per kilometre as fixed by the Minister of Finance; and

– no other form of compensation, for example another reimbursement (other than for parking or toll fees) or a fixed allowance, has been given/paid to the employee.

3. What are tax free investments?

  • Tax-free investments were launched by the government in 2015 as an incentive to encourage household savings.
  • Tax-free investments include :
  • Fixed deposits
  • Unit trusts (collective investment schemes)
  • Retail savings bonds
  • Certain endowment policies issued by long-term insurers
  • Linked investment products
  • Exchange traded funds (ETFs) that are classified as collective investment schemes.
  • Taxpayer don’t have to pay income tax, dividends tax or capital gains tax on the returns from these investments.
  • There is an annual limit of R36 000 (2021) that can be invested in a tax-free investment.
  • There is a lifetime limit of R500 000 that can be invested in a tax-free investment.

4. What documents are needed to complete a tax return and how long do I need to retain them for?

  • Certificates received for local interest income, foreign interest income and foreign dividend income
  • If you are married in community of property, the certificates received by both you (the taxpayer) and your spouse are required
  • If you married out of community of property, only the certificates that you receive are required.
  • IRP5: This is the employees’ tax certificate your employer issues to you. 
  • Certificates you received for local interest income earned. 
  • Any other documentation relating to income received or accrued, such as remuneration that has not been reported to SARS by your employer, or business or investment income, etc.
  • Details of medical expenses paid and medical scheme contributions made.
  • The relevant certificates reflecting your retirement annuity fund contributions made.
  • A logbook and other documents in support of business travel expenses (if the travel allowance is part of your remuneration or if you have the right of use of a company car taxable benefit).
  • Any other documentation relating to the allowable deductions you wish to claim

5. Do I need to pay income tax for the current tax season?

  • Are you younger than 65 years of age and earning more than R83 100?
  • Are you older than 65 years of age and earning more than R 122 300?
  • Are you older than 75 years of age and earning more than R 136 750?

If you answered yes to any of the above, you are liable to pay income tax for the 2020 year of assessment.

6. I have heard that certain people do not need to submit a return, is this true and would this apply to me?

You do not need to submit a return if ALL of the following criteria are met :

  • Your total employment income / salary for the year (March 2018 to February 2019) before tax (gross income) was not more than R500 000; and
  • You only received employment income / salary for the full year of assessment (March 2018 to February 2019) from one employer; and
  • You have no car allowance/company car/ travel allowance or other income (e.g. interest or rental income); and
  • You are not claiming tax related deductions/rebates (e.g. medical expenses, retirement annuity contributions other than pension contributions made by your employer, travel).

7. Is there a difference between provisional tax and income tax?

Provisional tax is not a separate tax from income tax. It is a method of paying the income tax liability in advance, to ensure that the taxpayer does not remain with a large tax debt on assessment. Provisional tax allows the tax liability to be spread over the relevant year of assessment. It requires the taxpayers to pay at least two amounts in advance, during the year of assessment, which are based on estimated taxable income. A third payment is optional after the end of the tax year, but before the issuing of the assessment by SARS. On assessment the provisional payments will be off-set against the liability for normal tax for the applicable year of assessment. 

8. Key Filing Deadlines:

Individuals

Personal Income Tax :

  • 1 September to 16 November – taxpayers who file online
  • 1 September to 22 October – taxpayers who cannot file online can do so at a SARS branch by appointment
  • 1 September to 29 January 2021 – provisional taxpayers who file online

Provisional Income Tax :

  • The first provisional tax payment must be made within six months of the start of the year of assessment. For years of assessment starting March, this will be 31 August.
  • The second payment must be made no later than the last working day of the year of assessment. This will be 28/29 February.
  • The third payment is voluntary and may be made within six months of the year of assessment, in any other case.

Companies

The Income Tax return (ITR14) must be completed and submitted within 12 months after the financial year end of a company. 

In addition to annual returns, every company is required to submit provisional tax returns :

First payment – within six months from the beginning of the year of assessment

Second payment – on or before the last day of the year of assessment

Third payment – seven months after the year of assessment for taxpayers with February year-end and six months after year of assessment for all other cases

Didn’t find what you were looking for? We can help.

Contact Us:  Dominick Wessels: dominick@openbooksco.com

Changes to the 2020 Tax filing season

Changes to the 2020 Tax filing season

Change has been constant this year, so it should not be a surprise that there are also changes to the 2020 Tax filing season.

To stop the spread of the coronavirus and observe social distancing SARS has amended the 2020 Tax return submission dates. Ordinarily the Tax season opens for online tax submission on 1 July, however, the 2020 Tax filing season will be opening on 1 September 2020.  

The new dates are as follows:

1 September 2020 to 16 November 2020:
Taxpayers who file electronically
1 September 2020 to 22 October 2020:
Taxpayers who are not able to file electronically can do so at a SARS branch – by appointment only
1 September 2020 to 29 January 2021:
Provisional Taxpayers who file electronically

Preparing for your Tax filing

To prepare for the dates mentioned above ensure that you have the relevant Tax documents required by SARS:   

  • IRP5/IT3(a) certificate
  • Medical-aid certificate
  • Retirement annuity fund certificate
  • Other third-party documentation that is legally required by your tax status
  • IT3(b)s from financial institutions 

These supporting documents should have been sent to SARS by the relevant institution.  Any discrepancy in supporting documents may cause a delay with SARS.

SARS Auto-Assessment service

This year, SARS intends using this data to automatically complete some taxpayers returns with the information it has received from third parties.

 If you are automatically assessed by SARS, you will receive an SMS by the end of August to alert you that your tax return has been completed and is available for review

You will need to logon to eFiling to review the return and, after you have compared it to your tax certificates, you may then choose to either accept the assessment or dispute it and file a corrected tax return.

It must be noted, SARS will only use data that is in its possession to pre-populate your individual tax return. This may lead to deductions or other income streams being omitted from your tax return.

Open Books can assist

Once you have received the relevant Tax documents listed above, contact us and let us assist you with completing your Tax return.