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News Flash

PROVISIONAL TAX - DEADLINE 26/02/2016,
For all Companies, Sole Proprietors, CC’s, Trusts and Individuals.

The second provisional tax return for the year ending February 2016, is due by the end of February 2016.

In order to avoid penalties and interest being levied by SARS on the final assessment of the 2016 tax, this return needs to be 90% accurate.

Please submit all your information to us by the 17/02/2016 so that we may submit your return before due date.

The period required is 1/03/2015 to 31/01/2016

Information required:

Latest pay slips - reflecting year to date figures.
Investment income
Rental income and expenses(interest on bond to date)
RA's, Income protection and medical aid contributions per month.
CGT - sales of shares or other assets
Sole Proprietors - business income and expenses.
Companies, CC and Trusts - latest Trial Balance.
Any other income you might have received.

If you require any assistance, please do not hesitate to contact us.
 Email: sharon@tfaglobal.co.za


What is Tax Crime?

Tax crime is manifested in many forms. Here are some prime examples:

  • People don’t declare income in order to not pay the tax on that income.
  • People lie about their expenses to reduce the tax they pay. For example they may lie about their business mileage, business expenses or even medical contributions.
  • People simply don’t submit a tax return to SARS or fail to truthfully respond to our questions.
  • Employers sometimes deduct tax from employees and never pay it over to SARS.
  • Businesses sometimes charge VAT and never pay it over to SARS.

Extracted from http://www.sars.gov.za/TargTaxCrime/WhatTaxCrime

If you are in need of advice around your Company or Personal tax matters please contact TFAGlobal  at tax@tfaglobal.co.za or 021-948 1548

 

 

SARS Introduces a new modernised Income Tax Return for Trusts (ITR12T)

 

Dear Tax Payer

SARS will soon be introducing a new modernised Income Tax Return for Trusts. The new ITR12T will be an interactive return that will allow you to navigate from different menu items.

The main features of the enhanced return are:

  • Trust details will be pre-populated
  • Expanded financial and legal reporting requirements
  • Full details of all parties contributing funds, assets, etc. into the trust will need to be provided as well as details of actual transactions made
  • Full details of any party benefitting in any way from the trust as well as details of the benefits received or enjoyed will need to be provided for every beneficiary
  • Assessment results will be available sooner than before.

It is important to note that for Trusts with more than ten beneficiaries efiling will be the only channel for submitting your ITR12T .

 

Please note that manually completed and posted ITR12T's will not be accepted from that date that the new ITR12T becomes effective.

For assistance in processing your Trusts's Tax Return please contact Sharon at TFAGlobal.

 info@tfaglobal.co.za

021-9481584

 

The Scribe

NF20140930

 


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