This time of the week is when we do what we call minding your money. Tax season is coming along and Paul Rules, our regular guests certified financial manager, is keen that we should talk a little bit about auto assessment. Paul, I've never tried this myself. How does it work? And what are the ups and downs of it? If there are indeed any downs, Good afternoon to you are there. John.
Certainly there are some upsides to it, I think, and SARS is certainly on their game. We've spoken on the show a couple of times already about how AI is taking over and SIZS is certainly using that to its full advantage. And auto assessments are Certney part and parcel of this. And what it really means, John, is that there's a bulk of tax players who have a very regular type of tax return. They've got an IOP five and perhaps one or two other medical aids that have
get some retirement and annuity. And what happens is the AI has stepped in and size has actually said, well, let's lean on that to see with the algorithms that it presents, if there's anything untoward. Have we got everything that we think we should have? Has the taxpayer submitted everything it should have he should have, and the AAR kind of makes a balance out of that and puts you into a pool called auto assessment. And what it does it just really assesses you without you having to
do anything. You don't have to go into the filing itself. It's got everything it needs. However, it will then assess you and that only kicks in. I might just mention the dates star John is from the seventh to the twentieth of July is the auto assessment period, So our listeners should look out for that. And what it will already do is just assess you, whether or not you've
submitted or not. It's going to assess you. However, it is still your prerogative and also your obligation to go back into that file to see that they actually have everything that you think they should have. If something's left out,
then it's your obligation to put it in. And the real good thing about this, John, and I might just mentioned I know times against this, is that this auto assessment is world class, yes, and all that comes YEA, and it comes with an even biggest sort of advantage this year is that if you go into your e filing after the seventh, and you see there's an easy button they call it, and what you do is you just click onto this easy button and it's going to
give you all the things that they have you can do, like a checklist. I haven't seen it yet because it only opens, you know, on the seventh, but the literature and the information that's coming through is that we apparently can click onto this button, see what they've got, agree with it, or actually include something that they might have no start. And although you're being aught to assessed, this
is a caution to all our listeners. Although you've been auto assessed, it's still your obligation to make sure that that's correct and that they haven't left anything out. And what will happen is simply an assessment. You either get money back or have to pay in. You will get that feedback once the auto assessment has been done.
Sounds good, sounds smooth, sounds well worth trying. But bear in mind what Paul said at the beginning. If your tax affairs are fairly straightforward, there's an ILP five. You're in regular employment, not much has changed, your medical position hasn't shifted dramatically. Go ahead, try it and by the way, if you have gone the route that Paul's talking about, maybe drop us a note. Maybe there's a glitch you
saw that could be improved. Maybe there's a recommendation you might make on how to make the most of what, in Paul Rulofso's view is a really world class system. Pall back with more Minding your Money advice at the same time next Wednesday, two minutes to five