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Posts Tagged ‘SARS’

How to Apply for a Tax Directive

SARS Tax Year End Submissions

 

 

 

 

 

 

TAX DIRECTIVE

30 June 2017 – Enhancements to Tax Directives
Tax Directive enhancements have been implemented as a result of legislative changes. The enhancements to the directive application forms will enable Fund Administrators and Insurers to comply with the legal requirements. The IRP3(s) application is a new form addressing section 8A gains and section 8C amounts. The Recognition of Transfer and the Recognition of Purchase of an Annuity forms (ROT) can now be electronically submitted by the receiving fund.
The enhancements include:

SARS Budget 2017

Budget 2017 Tax Guide

 
sars

SARS Budget 2017

Budget 2017 Tax Guide

This SARS pocket tax guide has been developed to provide a synopsis of the most important tax, duty and levy-related information for 2017/18

Who is a Provincial Tax Payer?

SARS Budget Speech 2017          Budget 2017 Tax Guide
Retirement fund lump sum benefits consist of lump sums
from a pension, pension preservation, provident, provident
preservation or retirement annuity fund on death, retirement
or termination of employment due to attaining the age of
55 years, sickness, accident, injury, incapacity, redundancy or
termination of the employer’s trade.

Click here for the full Budget 2017 Tax Guide

Medical Scheme Fees Tax Credits

SARS has announced the Voluntary Disclosure Programme (VDP)

Pay Solutions strive to bring you the latest in updates and changes from government departments and SARS.

SARS has announced the Voluntary Disclosure Programme (VDP) will begin on the 1st October 2016. Please read carefully to ensure this applies to you.

SARS Online

VOLUNTARY DISCLOSURE PROGRAMME (VDP)

The SARS Voluntary Disclosure Programme (VDP) is administered under the Tax Administration Act, 2011 with effect from 1 October 2012.

Subject to legislative approval, a Special Voluntary Disclosure Programme (SVDP) commenced on 1 October 2016, and is scheduled for a period of nine months ending on 30 June 2017. The SVDP is meant for individuals and companies who have not in the past disclosed tax and exchange control defaults in relation to offshore assets. A preliminary SVDP guide is available below, which will be updated from time to time.
To assist you with your VDP queries, some questions and answers have been put together. For more detailed information, please consult the Guide at the bottom of the page.
Contact details for the team are available at the bottom of this page.
Questions Answers
Medical aid tax credits

Medical Aid Tax Credits – Week 4

Medical Scheme Fees Tax Credits

Medical aid tax credits Frequently asked questions is the topic for week 4

Who is a Dependant?

A dependant is:

  • A spouse (i.e. husband or wife)
  • A child and the child of a spouse (e.g. son, daughter, step son, step daughter, adopted child)
  • Who was alive during any portion of the year of assessment, and who on the last day of the year of assessment:

ØWas unmarried and was not or would not, had he or she lived, have been:

ØOlder than 18 years

Medical Aid Tax Credits

Medical Aid Tax Credits – Week 3

Medical Scheme Fees Tax Credits

Medical Aid Tax Credits

Thank you for joining us for the 3rd part in the Medical Aid Tax Credits Series.

How does it work?

Medical Scheme Fees Tax Credit will impact both the employer and the employee. This credit must be taken into account by the employer when calculating the amount of Employees’ Tax to be deducted from the employees’ remuneration.

Example 1 – Determination of MTC for the 2015 year of assessment

Medical Scheme Fees Tax Credits

Medical Scheme Fees Tax Credits – Week 2

Welcome back to Week 2 of the Medical Aid Credits Series

Medical Scheme Fees Tax Credits

What is Medical  Scheme Fees Tax Credits?

  • Medical Scheme Fees Tax Credits is a rebate which reduces the normal tax a person pays. This rebate is non-refundable and can’t be carried over to the next year of assessment.
  • In other words, this rebate will reduce your normal tax to a lesser amount or nil, however it can’t create a negative amount.
  • It applies for years of assessment starting on or after 1 March 2012 (from the 2013 year of assessment).

Who is it for?