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New income tax return for trusts

New income tax return for trusts

What is the new income tax return for trusts? SARS has improved the Income Tax Return for Trusts. The old form was redesigned and automated. The new form will be called the Income Tax Return for Trust (ITR12T). Since when is it in effect? The new form came into effect on 6 October 2014. SARS also stated that they will not accept the older forms. Manually completed IT12TRs: All IT12TRs received at a SARS branch or by post, including a SARS drop box, will not…

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How to claim your VAT Refund?

Admin Penalty on Tax Returns

An admin penalty on tax returns is incurred when you do not meet various requirements. The admin penalty is currently only collected for the late submissions of tax returns or no submissions at all.The admin penalty consists fixed amount penalties and a percentage based penalty. The penalty amount that will be charged depends on your taxable income. It can range from R250 up tp R16000 a month for each month that the non-compliance continues. What if you don’t agree with the Admin Penalty on tax…

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How to use SARS eFiling to file Income Tax Returns

Personal Income Tax Return

Who must complete and submit a personal income tax return? All taxpayers that earns any form of remuneration more than R250 000 per year from a single employer, must complete and submit a personal income tax return. If the individuals also has any other non-remuneration income, he or she must submit a return on an annual basis. Who is not required to submit a return? A taxpayer still has to register for income tax but he or she is not liable to to submit a…

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eFiling Tax Return FAQ

eFiling Tax Return FAQ

What are the benefits of eFiling? An eFiling Tax return can be done simply on-line. It is actually very convenient for small and large businesses alike. Can you use eFiling for all Income Tax/VAT returns? Yes all of your income tax and VAT returns may be done with eFiling. The due date for VAT returns for both filing and payment is the last business day of the month if the return is filed via eFiling. The payment is made either via eFiling or EFT on…

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Fuel tax refund

Fuel tax refund

What is a fuel tax refund? Qualifying entities that carries on eligible activities in the categories and industries listed below and that are registered for VAT purposes (under the Value-Added Tax Act, No. 89 of 1991), may apply for registration for the diesel refund by completing a VAT101D (Application for registration of diesel refund). For branches of the qualifying entity a VAT102D must be completed. What business can apply? Farming. Mining. Forestry. Commercial Fishing Vessels. Coasting Vessels. Off-Shore Mining. NSRI. Marine Industry Research Vessels. Coastal…

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Income and PAYE tax refunds

Income and PAYE tax refunds

Foreign citizens that wish to claim tax refunds on Income tax deductions from South African employers may have to consult with a registered tax practitioner. Registrations of tax practitioners are done by the South African Revenue Service and respected tax practitioners can be found on the South African Tax and tax practitioners website. Foreign citizens may also contact the revenue service directly and contact details can be found on the SARS website. If you are a South African citizen wishing to find out more about…

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VAT Refund on Exported Goods - Q&A

VAT tax refund

How do VAT tax refunds work? A vendor is required to calculate their VAT liability, in relation to its allocated tax period. This is done by by off-setting input tax against output tax. The difference is either paid to SARS or a VAT tax refund is paid by SARS to the vendor If a vendor is entitled to a VAT tax refund, SARS is required to pay that VAT refund. It must be paid  within 21 business days of receiving the correctly completed VAT return…

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General information on tax refunds four tourists

Tax Refund

What is a tax refund? A tax refund or tax rebate is a refund on taxes when the tax payer paid more than the amount he or she is liable for. How do you get a tax refund? Your tax consultant can complete your tax return and perform tax calculations for you based on the current (or applicable) yearly tax tables. You can also request the tax practitioner to supply you with advice regarding the structure of your salary or pay and although there is…

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