The printed draft produced by the Accfin’s calculation is based on the details captured and downloaded in the ITR12 section. In many cases this is what practitioners send to their clients in order for the client to sign off before they file. Sky Tax produces a full set of reports which indicate the data that will be filed into the SARS system.
Prior to filing its imperative to print reports and run the preview option, the 2nd button on the e-filing tab. The purpose of this is to ensure that everything is up to date as there may be a change that the user is not aware of.
Running a preview before submitting an IT12 tax return is necessary to catch potential issues early and ensure the accuracy of the submission. Here are the key reasons:
1. Identify Errors: The preview generates a pre-assessment, comparing the data you've entered with what SARS will receive. This allows you to spot discrepancies, such as outdated or missing source codes, before filing(ACCFINSKY).
2. Ensure Accurate Calculations: The preview compares your tax calculations with SARS' potential calculations, ensuring that any differences, especially involving complex areas like lump sums or tax credits, are addressed before submission(ACCFINSKY).
3. Review Submission Data: It provides a clear view of all the information that will be submitted, helping to confirm that nothing critical is missing or incorrectly entered(
By running a preview, you reduce the risk of errors that could lead to delays or additional queries from SARS. The pre-assessment will do various things as indicated below.
We can get the XML the language used to send SARS the data. The first part shows the xml data we are sending through to SARS formatted in a more readable way. We do not send any calculations to SARS only data. See the XML window below.
By clicking on the preview button it will send the XML code through to SARS which we call a pre-assessment and the system will return a calculation as is indicated in the report below together with the data that we send through in a readable format.
If the returned SARS calculation agrees with the system calculation then there is a pretty good chance that the assessment will go through without a problem. If there is a difference this needs to be investigated and by comparing the 2 columns you will find the difference.
The potential problems will be an old source code or a source code introduced by SARS that we don't know about.
Where there is a lump sum SARS wont know about it at this stage. Please see Lump Sums.
The preview screen which is returned with the SARS data which tells exactly what data is going to be filed so that there is no debate of what SARS are going to get. Compares the SARS calculation with the Sky Tax calculation as an important review.
Click on the Sars Calc tab to see how the SARS calculation with the Sky Tax calculation compares. This is an important step to review.
Please take note that any information on a lump sum previously paid out to the taxpayer will not be shown at this stage. Also note that all the tax return credits will also not be known at this stage. It is therefore important to get the paperwork for any lump sum that you have received and enter it in the appropriate place. In order to retrieve details of the statement of account please see Statement of Account.
