FAQ: Which supporting documents must the taxpayer attach when lodging the objection for excess fund contributions?
Any supporting documents to support the excess fund contributions e.g. Notice of assessment (ITA34) or in the case of a provident fund a letter from the fund indicating the members own contributions from commencement date.
FAQ: Will I be able to submit a Request for Correction (RFC) for WTI?
Yes, you will be able to submit a revised declaration for WTI. Please note that any overpayments that result from an RFC can be used to pay subsequent returns or requested for refund.
FAQ: I can’t pay using a credit push transaction on eFiling. Are there any alternative methods to pay Withholding Tax on Interest (WTI)?
No, there are no alternative ways to pay WTI. WTI can only be paid to SARS electronically via eFiling. See more information.
FAQ: Why has a “Delete” button been included for WTI on eFiling and not any other tax types?
A delete button has been included on the WTI Work page to allow a user to remove a return they are not liable to submit. The Return for Withholding Tax on Interest (WT002) only needs to be submitted, for the months in which tax has been withheld and paid.
FAQ: Why is the Payment Reference Number (PRN) not available to clients for WTI?
Withholding Tax on Interest (WTI) payments can only be made on eFiling. The PRN will automatically be generated when processing the payment and is shown on the Payment Initiation Results page starting with SARSEFILNG. This PRN can’t be used when paying for other SARS payment options available.
FAQ: When does accrual of interest occur?
Interest will accrue at different accrual periods as contractually agreed between the parties, that is, either monthly, bi-monthly, quarterly etc. For example, where it is contractually agreed that interest will accrue on a quarterly basis and be paid at the end of that quarter then the interest only becomes due and payable at the end […]
FAQ: What is meant by “due and payable”?
For an amount to become due and payable, the amount must not only be owing, but due to be paid. The right to claim payment of interest will be dependent on the contract that has been drawn up between the parties.
FAQ: When is the WTI levied?
The withholding tax must be withheld when any interest is paid to a non-resident on or after the effective date of 1 March 2015. Interest for the purpose of the withholding tax is deemed to be paid on the earlier of the date when the interest is paid or becomes due and payable.
FAQ: Who can be appointed to change my banking details?
The following persons, may be appointed to change your banking details on your behalf: Requestor with mandate: Personal Assistant/Clerk/Administrative officer to the tax practitioner, Tax Consultant, Director, Fund Administrator, Secretary, Attorney, Advocate, Legal Advisor, Auditor, Bookkeeper; etc. A Representative with a once off mandate won’t be able to change banking details on eFiling if he/she […]
FAQ: Will non-residents be required to declare interest subject to withholding tax on their income tax returns?
Under normal circumstances they will not have to since they are not tax resident in South Africa and section 10(1)(h) exempts the interest from normal tax. However, if the provisions of section 10(1)(h) are not met the interest will have to be declared on the return, in which case the interest should be exempt from […]
