Tax Season 2015

Tax Season 2015

Well it is that time of year again, tax season. It is time to get all of our affairs in order and submit for refunds. By now, you should have received an IRP5 from your employer, if not, request one right away. Make sure you get a medical aid certification if you pay your own medical aid, any additional income streams, rental income accounts and tax certificates for any retirement annuities. If you do your taxes all on your own, you know how hard it…

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General information on tax refunds four tourists

General information on tax refunds for tourists

Tourists must take note of the following rules and regulations before they attempt to file a VAT refund from SARS: Only the original tax invoices will be considered for VAT refund purposes. Only claims where the value of the goods exported at one time exceed R 250.00 or more will be considered for a VAT refund. Please note that the R250.00 is the value of all invoices and not the minimum value per invoice. Goods consumed and services rendered in South Africa do not qualify…

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tax dates

Important upcoming tax dates

The following is a list of important dates as published by SARS. 07-05-2015 Submission and Payment of EMP201 25-05-2015 Submission and Payment of VAT201 – Manual Registered Vendors 29-05-2015 Employer Annual Reconciliation ends 29-05-2015 Submission and Payment of VAT201 – Registered VAT eFilers 05-06-2015 Submission and Payment of EMP201 25-06-2015 Submission and Payment of VAT201 – Manual Registered Vendors 30-06-2015 Submission and Payment of VAT201 – Registered VAT eFilers 01-07-2015 Start of Tax Season for Individuals and Trusts 07-07-2015 Submission and Payment of EMP201 24-07-2015…

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How to use SARS eFiling to file Income Tax Returns

How to use SARS eFiling to file Income Tax Returns

Submitting your income tax return with SARS eFiling is easy once you get used to the system. As with all your tax returns, filling out your tax return 100% correctly is of utmost importance. Step 1: Logging in Go to www.sarsefiling.co.za. On the top right-hand corner will be two buttons: Register and Log in. Click Log in and type in your username as password. Then click Login. Step 2: Generate your ITR12 tax return Make sure that your name appears at the top under Taxpayer…

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Tax Rates 2015

Tax Rates 2015

As we all know, the national budget was presented yesterday, 25 February 2014. The government made it clear that they plan to increase personal income tax from 1 March 2015 to 28 February 2016, by 1%. Some of you are most-likely worried or you didn’t event get to witness the budget.  You’re in luck because we have made notes and decided to post it here. It’s a little out of the ordinary but you need to know how much you pay before you can get…

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Employment Incentive Tax (ETI) Refund Process

Employment Incentive Tax (ETI) Refund Process

How does it work? The Employment Tax Incentive Act and the draft amendments to this Act in terms of the Draft Taxation Laws Amendment Bill, allows for the introduction of a refund processs that will refund employers the amount of the ETI that’s allowable. An ETI refund will only be paid out if an employer is tax compliant. All tax returns must be submitted and there is no outstanding tax debt when the Employer Reconciliation documents are received and processed by SARS. When was the…

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Get your tax number

Get your tax number

Simply click here to download the IT77 form, print it out and follow these easy steps to completing it. 1. You will need the following documents to be submitted with your completed IT77 form: A certified legible copy of your ID, passport or drivers license. Certification of copied documents can be done at your nearest police station (just remember to take the original along too). Proof of address (this can be a rates bill, utilities bill, phone bill, bank statement etc – anything that shows…

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How to claim your VAT Refund?

How to claim your VAT Refund?

Step 1 Documentation Simply identify yourself as a foreign tourist to the shop assistant, and request a Tax invoice for the goods you have purchased. A Tax invoice must contain all of the following information: The words Tax Invoice. The seller’s name and address. The seller’s VAT registration number. The date of issue of the tax invoice. A tax invoice number. A full description of the goods purchased, second hand goods must be indicated as such. The cost of the goods supplied in Rands. The…

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VAT Refund on Exported Goods - Q&A

VAT Refund on Exported Goods – Q&A

What is VAT on Exported Goods? Vat on Exported Goods is a form of VAT (Value Added Tax) which can be claimed by qualifying purchasers on movable goods. These goods must be purchased and exported from the RSA. Who is it for? A qualifying purchaser is defined by SARS according to the VAT Export Incentive scheme as the following: Non-resident. An individual who is not a South African passport holden, who is not in the country at the time of supply. He or she is…

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VAT Refund on Exported Goods

VAT Refund on Exported Goods

What is a VAT refund on exported goods? It is VAT which can be claimed by the qualifying purchasers on movable goods purchases in and then exported from South Africa. You will only qualify if the VAT is charged at 14%. Please note that the VAT refund on exported goods will only be applicable to goods. All services are excluded. Who can qualify for a VAT return on exported goods? A qualifying purchaser is defined according to the VAT Export Incentive Scheme. It is defined…

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