FAQ: Can a company submit an objection using the Notice of Objection (NOO) form?
Yes, on eFiling the company representative can lodge Notice of Objection (NOO), Notice of appeal (NOA), a Request for Reasons, Request for Remission (RFR),), and Request for Late Submission (Condonation) against interest and penalty on late payments and assessments raised in relation to Corporate Income Tax (CIT).
FAQ: What must I do if my IRP5/IT3(a) information for my lump sum is not on my Income Tax Return (ITR12)?
If the ‘Transaction Year’ and the ‘Year of assessment’ differs on the IRP5 certificate the IRP5/IT3(a) tax certificate will not be prepopulated on the return. On eFiling add the certificate by increasing the number of certificates on the return wizard. A blank certificate will be available and you must capture the IRP5/IT3(a) tax certificate detail, […]
FAQ: What Is the Difference Between an NPC and a PBO
An NPC is a legal entity type that is registered with Companies and Intellectual Property Commission (CIPC). NPCs are not automatically exempt based on their altruistic and philanthropic objectives and activities. Although the NPC is automatically registered for Income Tax at point of registration with CIPC, the entity must apply for Income Tax Exemption as […]
FAQ: What Is the Difference Between an NPO and a PBO
An NPO is an entity registered with the Department of Social Development (DSD): NPO Directorate. NPOs are not automatically exempt based on their registration as an NPO or because of its altruistic and philanthropic objectives and activities. An NPO must register for Income Tax then apply for Income Tax Exemption as a Public Benefit Organisation […]
FAQ: How do I calculate my allowable deductions in respect of donations for the 2020/21 tax year, to the Solidarity fund and donations made to other approved funds?
The tax-deductible limit for donations, currently 10 per cent of taxable income, has been increased with an additional 10 per cent in respect of donations in cash or of property in kind donated and actually paid or transferred to the Solidarity Fund from April 2020 to September 2020 of the donor to the Solidarity Fund. […]
FAQ: I donated to the Solidarity Fund between October 2020 and February 2021, where do I claim my donation amount on my return?
You must answer the following questions on the ITR12 wizard: 1. Do you want to claim donations made to approved organisation(s) in terms of s18A? 2. How many organisations did you donate to? Donation containers for both source codes 4055 & 4011 will open on the return. Please ensure that you have an approved donation […]
FAQ: I donated to the Solidarity fund through my employer and then made an additional donation to the Solidarity fund in my personal capacity. Do I add the amounts together or do I reflect the amounts separately?
The amount donated through your employer will be reflected on your IRP5 and will therefore be pre-populated under “Employee Tax Certificate Information [IRP5/IT3(a)]” on your return. You must answer the following questions on the ITR12 wizard: 1. Do you want to claim donations made to approved organisation(s) in terms of s18A? 2. How many organisations […]
FAQ: I have employees who contributed to the Solidarity fund, under which source code do I reflect the amounts on their IRP5s?
The amount must be reflected under the new source code 4055.
FAQ: How To Distinguish Between a Body Corporate and a Home Owner’s Association
A Body Corporate is created by law under the Sectional Titles Act and managed under the Sectional Titles Schemes Management Act and registered with the Deeds Office. A Home Owner’s Association (HoA) is an association of persons formed by agreement (constitution/MOI). The levy exemption and basic exemption are applied on assessment for a Body Corporate […]
FAQ: How To Distinguish Between a Government Department and a Public Entity
A Government department – either a national, provincial or local government entity. A public entity is established by a particular legislative provision.
