Tax Assessment and the ITA34 Notice of Assessment
Tax & Compliance
Explained Simply
After you submit your return, or after SARS auto-assesses you using the third-party data it holds, SARS issues an assessment showing taxable income, tax payable and whether you owe SARS or are due a refund. The notice of assessment is commonly called the ITA34, and SARS also uses an ITA34 for a revised assessment when an objection is allowed in whole or in part. If you disagree with an assessment you can object. SARS states that an objection must be submitted within 80 business days of the assessment or decision, and that objections more than three years after the assessment are not allowed. Business days exclude Saturdays, Sundays and public holidays. Check your own notice for the dates and options that apply to you.
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Related Terms
- Income TaxIncome tax is a direct tax levied by SARS on the taxable income of individuals, companies, and trusts in South Africa, using a progressive rate system for individuals.
- Taxable IncomeTaxable income is the portion of total income on which income tax is calculated, after subtracting all allowable deductions and exemptions as defined by SARS.
- IRP5 CertificateAn IRP5 is an employee tax certificate issued by employers in South Africa each tax year, summarising gross remuneration, PAYE deducted, pension contributions, medical aid, and other payroll deductions.