Should a Trust be a non-profit organisation (and duly registered as such) that provides consumer financial education (or similar activity) in terms of the object of their Trust instrument, will the Trust be required to submit an IT3(t)?
The Trust will not be required to report on their core business, where it is the provisioning of consumer financial education (or similar activity), on an IT3(t). An IT3(t) is required for amounts distributed to specified beneficiaries. When compiling their financial statements, the expenditure related to the core business will be reflected in the income […]
FAQ: Can a Trust submit an appeal using the Notice of Appeal (NOA) ADR2 form?
Yes, but only if a Trust objected against an assessment and used the manual Notice of Objection process (ADR1 form) before 20 April 2024. The Trust will have to appeal using the ADR2 process by visiting a SARS branch or uploading the completed ADR2 form on SOQS. (No email option is available). For any disputes […]
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 […]
FAQ: Can I see my refund amount and payment date or the payment due date of the amount owed by me to SARS on eFiling?
Yes, you can see both on eFiling. The refund amount (if any) and refund payment date can be seen on the ‘Income Tax Statement of Account’ (ITSA) and the payment date for the amount owed by you to SARS, can be seen on the ‘Notice of Assessment’ (ITA34). 1. Refund amount and due date: The […]
How does the solar rebate work?
Government introduced a rooftop solar tax incentive for individuals who invest in solar photovoltaic (PV) panels: The tax credit will only apply to new and unused solar PV panels acquired and brought into use for the first time during the 2024 year of assessment (i.e. 1 March 2023 – 29 February 2024) and that have […]
FAQ: How must the beneficial owner details be completed on the Trust return when the same person is, say, a founder, trustee and beneficiary?
The beneficial owner details must be captured separately for each capacity.
FAQ: How do I find a SARS Source Code?
To find a source code, go to the Find a Source code webpage. We have an easy look-up table where you may search on any column within this list i.e. you can search for the source code, or the description. You can also sort on any column by clicking on the header for that column.
FAQ: What does SARS count as a business day?
Any day that is not a Saturday, Sunday or public holiday. For the purposes of determining the days or a period allowed for complying with the provisions of Chapter 9 of the Tax Administration Act No.28 of 2011 (Dispute Resolution), excludes the days between 16 December of each year and 15 January of the following year, […]
FAQ: Where on the IRP6 return will the Solar Energy Tax Credit field be added?
The “Solar Energy Tax Credit” field will be added to the “Less: Rebate – Primary, secondary and Tertiary” section, under “Additional medical expenses tax credit”.
FAQ: In which period must the solar panels be purchased to qualify for the tax incentive?
You should have bought and used the panels for the first time on or after 1 March 2023 and before 1 March 2024.
