SKY builds up the tax return on the system, downloading the data from SARS and adding all the relevant data components, We then produce a calculation together with all the reports and schedules, even doing a statement of assets and a capital reconciliation which is an integrity check.
The completed tax return can be moved around the office for review and vetting and can be tagged on the system so that there is a tracking and control mechanism. Like anything good internal controls can ensure that the correct information gets through to SARS.
The important thing to understand here is that there is a connection between producing the tax return and what gets sent through to SARS. It’s one and the same thing. We produce a set of reports that are much more meaningful than the SARS form.
It's absolutely imperative that a review of the tax return takes place. There is no point in entering the data think you are correct and then clicking the submit button and hope everything comes out correctly. It's important that someone who understands the business of the taxpayer looks at the reports and vets them for approval. It also a very good idea to get the taxpayer to approve the data before you submit.
We have a preview option that does a pre-assessent leaving out the thelump sum calculation.It's imperative that you run the pre-assessment as the figures are sent to SARS and then returned to you allowing you to see if there are any differences with the Sky Tax Calculation. Please bear in mind that at this stage if there is a lump sum the details are not included in the calculation and you should refer to that page.
The following processes will automatically generate an updated calculation
* printing a report
* preview
It is essential that both these processes are run.
