What could delay my refund from being paid to me?
When you submit your tax return, the following may delay your refund from being paid (if a refund is due): When your banking details have been identified for verification, the process can take up to 21 business days from the date all required supporting documents are received. Once the bank details validation process has been […]
Why have I been charged an Administrative Penalty?
Administrative penalties may be imposed by SARS due to non-compliance e.g. outstanding returns and/or the failure to disclose information. Please submit your outstanding returns or declaration as soon as possible. Failure to do so will result in a monthly recurring admin penalty being levied until you are compliant. The administrative non-compliance penalty for the failure […]
How long does the Complaints process take?
When you lodge a complaint, SARS will issue an acknowledgement notification to you on the same day. Where a service complaint has been lodged through the service channel, and is supported by a case number, SARS will resolve the complaint within 21 business days after it was logged. If you are still not satisfied with […]
FAQ: What are the changes on the Recognition of Transfer (ROT)?
These are the changes: Reason: Provident Fund Deemed Retirement cannot be used if the date of accrual is on or after 1 March 2023 The current validations age 55; if reason is “retirement” will be removed.
FAQ: When will Recognition of Transfer (ROT) be withdrawn?
SARS will issue final reminder to the taxpayer to submit ROT, failure to submit after 21 working days will lead SARS to treat the transfer as a withdrawal.
FAQ: If my policy is R500 000, can I transfer R371 250 in terms of de-minimis rule?
No, you can only transfer if the remaining balance in your policy exceeds R371 250.
FAQ: Is there any restriction when transferring the total interest to another retirement annuity fund?
When transferring the total interest to another approved fund there will not be any restrictions provided the de-minimis rule (R371 250 threshold) condition is met.
FAQ: What is the purpose of the new legislation?
To provide Retirement Annuity Fund members an opportunity to transfer their portion or total interest of their retirement annuity fund to another retirement annuity fund.
FAQ: Is the tax applicable to disposable vapes?
The excise duties are applicable to the contents and not the equipment. Therefore, the vaping solution or substitute thereof inside the disposable vape will be subject to the tax.
FAQ: Are products that do not contain nicotine liable for this tax?
Zero nicotine/ nicotine substitute vaping solutions are liable for vaping tax at the same rate as nicotine containing vaping solutions. If in doubt about your products kindly apply for a tariff determination. For more information on making application please visit the Tariff webpage by following the link: https://www.sars.gov.za/customs-and-excise/tariff/.
