FAQ: What are penalties for not submitting my income tax return?
The penalties for not submitting a tax return are set out in Chapter 15 of the Tax Administration Act. They differ according to behaviour of the taxpayer.
FAQ: What is the foreign tax credit limit for individuals?
The rebate is limited to the foreign tax payable and may not exceed the result of the following formula: Total Normal Tax in South Africa x taxable foreign income / total taxable income. If the total foreign tax paid exceeds the limitation amount, the excess amount may be carried to the following tax year. But […]
FAQ: What is remuneration for tax purposes?
Remuneration is any amount of income which is paid/payable to any person whether in cash or otherwise (e.g. fringe benefit) and whether or not for services rendered. Remuneration will include: salary, fee, bonus, wage, gratuity, pension, leave encashment, emolument, voluntary award, commission, annuity, stipend, overtime, superannuation allowance, retirement allowance, lump sum benefit payment, director’s remuneration, […]
FAQ: Why must I register for Income Tax?
If your earnings for a given tax year are above the tax threshold, you are obliged by law to register for income tax. You must register for income tax, if you are an individual: See the tax rates and tax thresholds.
FAQ: Which channels can I use to submit my Transfer Duty documents and ultimately pay Transfer Duty?
All transfer duty declaration and documentation when needed can be submitted via ISV or eFiling. For all payments it can only be done on eFiling.
FAQ: Which party determines what rate of Transfer Duty should apply?
The seller determines whether a transaction should be subject to either VAT or Transfer Duty.
FAQ: Can the sale of a property be subject to both VAT and Transfer Duty?
No, the sale of property will be subject to either VAT or Transfer Duty. VAT takes preference over Transfer Duty. If the seller is a registered VAT vendor and the property forms part of the seller’s enterprise, then VAT is payable. If the seller is not a registered VAT vendor, or if the seller is […]
FAQ: What are the Transfer Duty rates?
For the latest Transfer Duty rates, click here.
FAQ: What constitutes “property” for the purpose of Transfer Duty?
Property includes: Land and fixtures; Real rights in land, excluding rights under mortgage bonds or leases; Rights to minerals or rights to mine for minerals including leases or sub-leases to mine for minerals; A share or interest in a “residential property company”; A contingent right to residential property or a share or member’s interest in […]
FAQ: How do I download the SARS Smartphone App?
For Apple devices, the following steps must be followed to download the SARS Smartphone App from the App Store: Open the App store by tapping on the App Store icon on the springboard. Enter “SARS eFiling” into the Search box.Tap on the SARS eFiling App search result. Tap on FREE. Tap on INSTALL APP. Enter your […]
