Introduction:

As the 2024 tax filing season approaches, tax practitioners and individuals alike seek efficient ways to navigate the complexities of tax calculations and submissions. Enter GreatSoft Tax, a powerful tax administration system designed to streamline the process for tax practitioners in South Africa. Let’s explore how GreatSoft Tax simplifies tax preparation and submission:

1. Browser-Based Convenience

GreatSoft Tax operates entirely within your web browser. No need to install additional software or worry about compatibility issues. Simply log in, and you’re ready to start preparing tax returns.

2. Comprehensive Functionality

The GreatSoft Tax suite covers various tax return types, ensuring that tax practitioners can handle a wide range of clients’ needs:

• Individual Tax Returns (ITR12): Easily download clients’ tax assessment information directly from SARS eFiling. Complete schedules, perform built-in checks, and validate data. Submit the return seamlessly back to SARS.
• Companies Tax Returns (ITR14): Prepare and submit corporate tax returns efficiently. GreatSoft Tax ensures accuracy and compliance with SARS requirements.
• Trust Tax Returns (ITR12T): Trusts can be complex, but GreatSoft Tax simplifies the process. Manage trust tax returns with ease.
• Provisional Tax Returns (IRP6): For businesses and individuals with provisional tax obligations, GreatSoft Tax handles the calculations and submissions.

3. Third-Party Data Integration

GreatSoft Tax allows tax practitioners to pull third-party data directly from SARS. This includes information such as IRP5 certificates, medical certificates, investment income, and retirement annuities. The software uses this data to calculate clients’ tax returns accurately. Once satisfied with the results, practitioners can submit the returns back to SARS.

4. Workflow Flexibility

Whether you prefer a hands-on approach or a more automated workflow, GreatSoft Tax caters to your needs. Bulk submissions and requests save time, while detailed reports keep you informed about the status of returns and calculations.

5. Assessments and Correspondence Tracking

After submitting a client’s return, track assessments and other correspondence issued by SARS. Import them in bulk and compare assessments with the tax return to identify any discrepancies.

Exciting New Feature Alert: IT3(t) Functionality Coming Soon!

SARS has recently introduced new requirements for trustees regarding the reporting 
of information related to distributions from trusts. Specifically, trustees are now 
obligated to report on distributions to beneficiaries or other individuals during 
the previous tax year. This reporting deadline falls at the end of September each year.

GreatSoft will be ready to assist with these crucial submissions. 
While SARS has not yet made the submission process available through independent 
software vendors (ISVs), GreatSoft has a solution. We can generate the necessary 
submission file, which can then be submitted via the available channels, including 
Connect: Direct or HTTPS.

Stay tuned for more detailed information on this exciting development!

Conclusion

GreatSoft Tax Software Suite empowers tax practitioners by simplifying tax administration. With its user-friendly interface, data integration, and comprehensive features, tax preparation becomes less daunting. Say goodbye to chasing down numbers and verifying data—GreatSoft Tax has you covered!

Disclaimer: This article provides general information about GreatSoft Tax and its features. Always consult with a qualified tax advisor for specific guidance.

GreatSoft Tax is a reliable solution for tax practitioners and individuals preparing for the 2024 filing season. If you have any further questions or need assistance, please contact us at support@greatsoft.co.za ! 😊