FAQ: Does the rebate apply to only new and unused solar PV panels?
Yes, it only applies to new and unused solar photovoltaic (PV) panels with a minimum generation capacity of 275 watt per panel (design output), installed as part of a new system, or as an extension of an existing system. The solar system must be connected to the main distribution board of the residence (i.e. no […]
FAQ: What is the SARS solar tax benefit?
This incentive is available for one year between 1 March 2023 and 29 February 2024. Individuals who install rooftop solar panel(s) can claim a rebate of 25% of the cost of the panels, up to a maximum of R15 000 per taxpayer. Taxpayers can use the solar tax rebate to reduce tax liability in the […]
FAQ: How should a Collective Investment Scheme (CIS) portfolio registered as a company at SARS complete the Share Register?
Completion of the share register is mandatory for all companies, including CISs registered as such with SARS. The general rule applicable to all companies is that the details of all the holders of a beneficial interest in the shares of 5% or more as at the end of the year of assessment should be submitted. […]
A co-operative does not have shares like a normal company but rather membership fees with members instead of shareholders. How does a co-operative complete the share register?
The general rule applicable to all companies (which includes co-operatives) is that the details of all the holders of a beneficial interest in the shares of 5% or more as at the end of the year of assessment should be submitted. In the case of a co-operative no one will hold 5% or more, therefore […]
FAQ: There are concerns about personal information and the fact that each shareholder’s income tax number, cell number and email address is required to be disclosed to which a shareholder might object. Has SARS considered any POPI Act implications in this regard?
Yes, SARS has considered the issues raised, and will not be in violation of either the POPI Act or the SARS oath of secrecy.
FAQ: What happens for listed entities where the shareholding is vast and constantly changing, what is the extent of information required here?
The details of all the holders of a beneficial interest in the shares of 5% or more as at the end of the year of assessment should be submitted. However, the ITR14 incorrectly requires at least one entry to be made irrespective of whether or not there is a beneficial interest holding of 5% or […]
FAQ: Should the declaration of the shareholding be at the date of submission of the return, or the shareholding at the end of the year of assessment for which the return is submitted?
The details of the holders of the beneficial interest in the shares as at the end of the year of assessment should be submitted. In other words, it should be a snapshot of the position at the end of the specific year of assessment.
FAQ: Where there are nominee shareholders holding shares on behalf of another shareholder, which shareholder’s information is meant to be disclosed? Should the ITR14 “share register” align to the company’s share register required in terms of the Companies Act, which will have the nominee shareholder and not the ultimate shareholder?
The ITR14 requires disclosure of the holder of the beneficial interest in the share, and not the nominee or registered holder.
FAQ: What information should be completed if the number of beneficial owners is excessive, for example, listed company shareholders; trusts with more than 50 beneficiaries etc.
The ITR14 currently only requires disclosure of the holders of a beneficial interest in shares of 5% or more. Disclosure of the beneficial ownership of the company will be introduced soon. However, the ITR14 incorrectly requires at least one entry to be made irrespective of whether or not there is a beneficial interest holding of […]
FAQ: Whose contact details information should be disclosed, when completing the share register?
Is it the public officer for SA shareholder entities or perhaps the company secretary? What about foreign holding companies? What about Trusts? Complete the contact details of the individual/entity that owns (i.e., holds the beneficial interest in) the shares. Where this is a company, this would be the public officer, and where it is a […]
