LK
Loobna K
1 reviews | Active since Jul 2017
07 Sept 2020, 09:41
RANDOM INVESTMENTS UNDER MY NAME AND NO SENSE OF URGENCY TO ASSIST
You can imagine my shock and horror when I was about to submit my SARS Tax return, and then noticed that there are TWO OTHER FOREIGN Tax free accounts from SATRIX under my name, one where a WITHDRAWAL was made, which means I'm being taxed for it. I was disappointed when I called and the consultant couldn't even track where those foreign policies are from. I had also mailed the day before and asked her to escalate to her manager which she did, but I still have not received a response to my call or mail. This is holding up submitting my SARS Tax return. It's really making me question whether it's safe enough to invest my money on this platform....
Helpful (0)
Replies (11)0
Replies (11)
Satrix Investments's replyOfficial
07 Sept 2020, 10:47Dear Loobna,
Thank you for bringing this to our attention.
Please allow us to investigate on your behalf and we will get back to you.
Thank you for bringing this to our attention.
Please allow us to investigate on your behalf and we will get back to you.
Kind regards,
The Satrix Team
Satrix Investments's reply07 Sept 2020, 10:47
Official
Dear Loobna,
Thank you for bringing this to our attention.
Please allow us to investigate on your behalf and we will get back to you.
Thank you for bringing this to our attention.
Please allow us to investigate on your behalf and we will get back to you.
Kind regards,
The Satrix Team
LK
Loobna K's updateReviewer Update
07 Sept 2020, 16:54Good Day
Thanks for getting back to me. Will await further feedback.
Kind regards,
Thanks for getting back to me. Will await further feedback.
Kind regards,
LK
Loobna K's update07 Sept 2020, 16:54
Reviewer Update
Good Day
Thanks for getting back to me. Will await further feedback.
Kind regards,
Thanks for getting back to me. Will await further feedback.
Kind regards,
LK
Loobna K's updateReviewer Update
14 Sept 2020, 17:01Good Day,
I had someone contact me to check whether the issue has been resolved, and when we checked, the incorrect information was still reflecting on my SARS account.
What's worse is that they closed the ticket and said that the issue has been resolved!
Really not impressed right now...
I had someone contact me to check whether the issue has been resolved, and when we checked, the incorrect information was still reflecting on my SARS account.
What's worse is that they closed the ticket and said that the issue has been resolved!
Really not impressed right now...
LK
Loobna K's update14 Sept 2020, 17:01
Reviewer Update
Good Day,
I had someone contact me to check whether the issue has been resolved, and when we checked, the incorrect information was still reflecting on my SARS account.
What's worse is that they closed the ticket and said that the issue has been resolved!
Really not impressed right now...
I had someone contact me to check whether the issue has been resolved, and when we checked, the incorrect information was still reflecting on my SARS account.
What's worse is that they closed the ticket and said that the issue has been resolved!
Really not impressed right now...
Satrix Investments's replyOfficial
14 Sept 2020, 20:55Dear Loobna,
Thank you for bringing this to our attention.
I have created a new ticket our Team Leader will get in touch with you.
Kind regards,
Thank you for bringing this to our attention.
I have created a new ticket our Team Leader will get in touch with you.
Kind regards,
The Satrix Team
Satrix Investments's reply14 Sept 2020, 20:55
Official
Dear Loobna,
Thank you for bringing this to our attention.
I have created a new ticket our Team Leader will get in touch with you.
Kind regards,
Thank you for bringing this to our attention.
I have created a new ticket our Team Leader will get in touch with you.
Kind regards,
The Satrix Team
LK
Loobna K's updateReviewer Update
16 Oct 2020, 08:37Good Day
It's more than a MONTH later and this issue still hasn't been resolved. Because of this, I am still unable to submit my Tax Return. Please advise urgently.
It's more than a MONTH later and this issue still hasn't been resolved. Because of this, I am still unable to submit my Tax Return. Please advise urgently.
LK
Loobna K's update16 Oct 2020, 08:37
Reviewer Update
Good Day
It's more than a MONTH later and this issue still hasn't been resolved. Because of this, I am still unable to submit my Tax Return. Please advise urgently.
It's more than a MONTH later and this issue still hasn't been resolved. Because of this, I am still unable to submit my Tax Return. Please advise urgently.
Satrix Investments's replyOfficial
16 Oct 2020, 09:26Dear Loobna,
We are aware of the current 3rd party tax reporting data issues that you have been experiencing on the eFiling system. The issues that have been reported to us by clients are as follows:
- IT3S (Tax-Free Savings) – Missing contributions, transfers and/or withdrawals.
- IT3S (Tax-Free Savings) – Multiple Tax Free Savings accounts visible on the eFiling system.
- IT3B (Income) – Mismatch on Foreign Dividend values between IT3B certificates and eFiling system.
These issues have been escalated to SARS with the highest priority and we still await their feedback. Although we remain in constant communication with them to ensure that these issues are resolved as soon as possible, we suggest that you also log a query directly with SARS which may assist in accelerating the resolution of these issues.
We will communicate with you as soon as we have feedback from SARS. Until such time, your query and ticket will remain open.
Kind regards,
The Satrix Team
Satrix Investments's reply16 Oct 2020, 09:26
Official
Dear Loobna,
We are aware of the current 3rd party tax reporting data issues that you have been experiencing on the eFiling system. The issues that have been reported to us by clients are as follows:
- IT3S (Tax-Free Savings) – Missing contributions, transfers and/or withdrawals.
- IT3S (Tax-Free Savings) – Multiple Tax Free Savings accounts visible on the eFiling system.
- IT3B (Income) – Mismatch on Foreign Dividend values between IT3B certificates and eFiling system.
These issues have been escalated to SARS with the highest priority and we still await their feedback. Although we remain in constant communication with them to ensure that these issues are resolved as soon as possible, we suggest that you also log a query directly with SARS which may assist in accelerating the resolution of these issues.
We will communicate with you as soon as we have feedback from SARS. Until such time, your query and ticket will remain open.
Kind regards,
The Satrix Team
LK
Loobna K's updateReviewer Update
20 Oct 2020, 12:53Hi there
I have already lodged a ticket with SARS as well. Please advise what will be done to ensure that this matter gets resolved before the SARS tax submission deadline?
Kind regards,
I have already lodged a ticket with SARS as well. Please advise what will be done to ensure that this matter gets resolved before the SARS tax submission deadline?
Kind regards,
LK
Loobna K's update20 Oct 2020, 12:53
Reviewer Update
Hi there
I have already lodged a ticket with SARS as well. Please advise what will be done to ensure that this matter gets resolved before the SARS tax submission deadline?
Kind regards,
I have already lodged a ticket with SARS as well. Please advise what will be done to ensure that this matter gets resolved before the SARS tax submission deadline?
Kind regards,
Satrix Investments's replyOfficial
23 Oct 2020, 11:52Dear Loobna,
This is the first year that SARS has auto-assessed some 3.1 million South Africans, based on the data they receive from third party entities. This means that, similar to employees tax and contributions made to a retirement fund and/or a medical aid, SARS pre-populated the information they received from brokers and any other financial services entities (such as SatrixNOW), to assess the majority of South Africans registered for income tax.
This is the first year that SARS has auto-assessed some 3.1 million South Africans, based on the data they receive from third party entities. This means that, similar to employees tax and contributions made to a retirement fund and/or a medical aid, SARS pre-populated the information they received from brokers and any other financial services entities (such as SatrixNOW), to assess the majority of South Africans registered for income tax.
Since it is the first time that SARS has pre-populated investment income, it is important to check all the information that appears on your income tax return to ensure that it is consistent with the values on the tax certificate that you received from SatrixNOW.
We are aware of some issues which our clients are experiencing, and detail these below with some tips on how to resolve:
- Always refresh the data on eFiling before reviewing and filing your Income Tax return. This will ensure that the most up to date information is pre-populated.
- We are aware of an issue where clients are unable to see contributions made as well as transfers and withdrawals to/from their Tax Free Savings Account on their pre-populated income tax return. You will need to enter these fields manually by using the information on the IT3S certificate available to download from your SatrixNOW account.
- Clients who hold both ETFs and Unit Trusts on SatrixNOW will see two separate accounts referenced in their income tax returns. This is correct – the information was provided to SARS in separate data files.
- We are aware of an issue whereby some investors’ foreign dividends appear under 'Foreign Dividends subject to SA normal tax' (source code 4216). Foreign dividends earned on your ETF and/or Unit Trust account refers to foreign dividends declared by foreign companies listed on the JSE. These are subject to dividends tax (depending on the status of the investor) and not subject to income tax. If you earned foreign dividends during the 2019 / 2020 tax year, you should check that source code 4216 on the pre-populated income tax return shows as empty. According to our records, the necessary adjustments were made and should be correct on your income tax return.
If you have already filed your tax return but are now concerned about potential inconsistencies, please contact SARS.
Kind regards,
The Satrix Team
Satrix Investments's reply23 Oct 2020, 11:52
Official
Dear Loobna,
This is the first year that SARS has auto-assessed some 3.1 million South Africans, based on the data they receive from third party entities. This means that, similar to employees tax and contributions made to a retirement fund and/or a medical aid, SARS pre-populated the information they received from brokers and any other financial services entities (such as SatrixNOW), to assess the majority of South Africans registered for income tax.
This is the first year that SARS has auto-assessed some 3.1 million South Africans, based on the data they receive from third party entities. This means that, similar to employees tax and contributions made to a retirement fund and/or a medical aid, SARS pre-populated the information they received from brokers and any other financial services entities (such as SatrixNOW), to assess the majority of South Africans registered for income tax.
Since it is the first time that SARS has pre-populated investment income, it is important to check all the information that appears on your income tax return to ensure that it is consistent with the values on the tax certificate that you received from SatrixNOW.
We are aware of some issues which our clients are experiencing, and detail these below with some tips on how to resolve:
- Always refresh the data on eFiling before reviewing and filing your Income Tax return. This will ensure that the most up to date information is pre-populated.
- We are aware of an issue where clients are unable to see contributions made as well as transfers and withdrawals to/from their Tax Free Savings Account on their pre-populated income tax return. You will need to enter these fields manually by using the information on the IT3S certificate available to download from your SatrixNOW account.
- Clients who hold both ETFs and Unit Trusts on SatrixNOW will see two separate accounts referenced in their income tax returns. This is correct – the information was provided to SARS in separate data files.
- We are aware of an issue whereby some investors’ foreign dividends appear under 'Foreign Dividends subject to SA normal tax' (source code 4216). Foreign dividends earned on your ETF and/or Unit Trust account refers to foreign dividends declared by foreign companies listed on the JSE. These are subject to dividends tax (depending on the status of the investor) and not subject to income tax. If you earned foreign dividends during the 2019 / 2020 tax year, you should check that source code 4216 on the pre-populated income tax return shows as empty. According to our records, the necessary adjustments were made and should be correct on your income tax return.
If you have already filed your tax return but are now concerned about potential inconsistencies, please contact SARS.
Kind regards,
The Satrix Team
LK
Loobna K's updateReviewer Update
03 Nov 2020, 15:06Good Day
I have refreshed a number of times but there is still no updates on my SARS E-filing and the incorrect info is still showing up on my tax return. THIS IS HODING UP MY SUBMISSION. When will this be resolved?
Please can you refrain from sending me generic messages as it is not helping.
I have refreshed a number of times but there is still no updates on my SARS E-filing and the incorrect info is still showing up on my tax return. THIS IS HODING UP MY SUBMISSION. When will this be resolved?
Please can you refrain from sending me generic messages as it is not helping.
LK
Loobna K's update03 Nov 2020, 15:06
Reviewer Update
Good Day
I have refreshed a number of times but there is still no updates on my SARS E-filing and the incorrect info is still showing up on my tax return. THIS IS HODING UP MY SUBMISSION. When will this be resolved?
Please can you refrain from sending me generic messages as it is not helping.
I have refreshed a number of times but there is still no updates on my SARS E-filing and the incorrect info is still showing up on my tax return. THIS IS HODING UP MY SUBMISSION. When will this be resolved?
Please can you refrain from sending me generic messages as it is not helping.
LK
Loobna K's updateReviewer Update
09 Nov 2020, 12:26A week later and still no response. Please contact me urgently.
LK
Loobna K's update09 Nov 2020, 12:26
Reviewer Update
A week later and still no response. Please contact me urgently.
Satrix Investments's replyOfficial
11 Nov 2020, 11:44Dear Loobna,
Thank you for your patience.
We believe this has been resolved.
Kind regards,
Thank you for your patience.
We believe this has been resolved.
Kind regards,
The Satrix Team
Satrix Investments's reply11 Nov 2020, 11:44
Official
Dear Loobna,
Thank you for your patience.
We believe this has been resolved.
Kind regards,
Thank you for your patience.
We believe this has been resolved.
Kind regards,
The Satrix Team