FAQ: How long is a tax directive valid for?
A tax directive is valid only for the tax year or period stated on the directive.
FAQ: Why is it necessary to request a directive application?
Fund administrators / insurers and employers are required in terms of paragraph 9(3) of the Fourth Schedule to the Income Tax Act to apply for a directive for any lump sum payable. SARS will prescribe the amount of employees’ tax that has to be withheld from the specific lump sum payment and subsequently paid over […]
FAQ: What relevant material is required to request for a tax directive?
For Emigration withdrawal the Retirement Annuity Fund administrator must complete a manual Form C and the following documents must be attached to the Form C and submitted to a SARS Branch Office for consideration: A copy of the IT21(a) ‘Application Form for Tax Clearance Certificate’ in respect of emigrating from SA together with the signed […]
FAQ: Who should request a tax directive?
Form A&D, Form B, Form C and Form E can only be completed by the fund administrator or insurer. IRP3(a) must be completed by the employer.
FAQ: What is the taxable amount on which Securities Transfer Tax is payable?
Purchase of listed securities through or from a member: The consideration for which the security is purchased. Transfer of listed securities by a participant or in any other manner: The amount of the consideration for the security declared by the person who acquired that security; or The closing price of the security where no consideration […]
FAQ: What is the rate of Securities Transfer Tax?
The tax rate is 0, 25%, to be applied to the taxable amount in respect of any transfer of a security.
FAQ: I am in my final year of CTA, can I apply for the programme?
Yes, graduates in their final year (Honours/CTA) qualify to apply. However, acceptance is dependent on the successful completion of their CTA.
FAQ: What was the implementation date of Securities Transfer Tax?
The Securities Transfer Tax Act, No. 25 of 2007, together with the Securities Transfer Tax Administration Act, No. 26 of 2007, have been implemented with effect from 1 July 2008.
FAQ: What constitutes a “security” for the purpose of Securities Transfer Tax?
– Share or depository receipt in a company; or – Member’s interest in a close corporation. Note: The inclusion of “any right or entitlement to receive any distribution from a company or close corporation” was deleted from the definition of a “security” with effect from 1 April 2012
FAQ: What is Securities Transfer Tax?
It is a tax levied on every transfer of a security. Only the following securities are taxable: – within the borders of the Republic; and – outside the Republic, should that security be listed on an exchange.
