Tax

Draft Interpretation Note 78 was published on 21 July 2023 providing guidance on the interpretation and application of section 24C when income is received in advance while the expenditure under the contract will only be incurred in a subsequent year of assessment. Section 24C caters for situations which often arises in the construction industry and sometimes …

Draft Interpretation Note 78 on ‘Allowance for future expenditure on contracts’ issued for comment Read More »

SARS issued various notices regarding scam alerts. Examples of these scams you need to be aware of can be found on the SARS ‘scams and phishing’ website here. The website lists the following scams noted during June and July 2023:SARS-SCAM-344 – Stop order – 21 July 2023SARS-SCAM-343 – SMS online payment – 12 July 2023SARS-SCAM-342 …

Be aware of the latest SARS Scams and Phishing alerts – Examples on SARS website Read More »

SARS issued IN 106 on 14 July 2023 providing guidance on the interpretation and application of section 13sex of the Income Tax Act. 13sex provides that a taxpayer may deduct an allowance of 5% of the cost to the taxpayer of any new and unused residential unit, or any new or unused improvement to a …

Interpretation Note 106: section 13sex, Income Tax Act, Deduction in Respect of Certain Residential Units Read More »

From 4 July 2023 Personal Income Tax taxpayers who qualify for this year’s Filing Season 2023 auto-assessment can now check whether they have been auto-assessed via the SARS Online Query Service functionality. Information you need to have: To access the function, click here.

On 10 July 2023 SARS introduced an Online Query System has a new feature called the Tax Return Status Dashboard providing Taxpayers, Registered Representatives and Tax Practitioners with a visual status of the progress of Personal Income Tax returns in terms of submission, verification/audit, and refund processing. You are now able to check the progress of your …

New Feature on the SARS Online Query System: Tax Return Status Dashboard Read More »

IN 6 was issued by SARS on 30 June 2023 providing guidance on the interpretation and application of the term “place of effective management” in determining the tax residence of a company. A person other than a natural person is a “resident” as defined in section 1(1) if such person – The term “place of …

Interpretation Note 6 was issued On Determining the Tax Residence of a Company Based on Place of Effective Management Read More »

. On 30 June 2023 SARS issued a General Notice requiring that the persons specified in the Schedule attached to the Notice must submit returns for 2023 and following years by the dates specified. The Notice provides: Declarations in respect of third party returns must be submitted electronically using the designated SARS electronic filing service. …

Third party information providers – SARS General Notice issued on Information to be Submitted Read More »

On 23 June 2023 SARS announced the start of the Filing Season 2023 on 7 July 2023 @ 8pm. Deadlines for filing are:⦁ Individual taxpayers (non-provisional): 23 October 2023⦁ Provisional taxpayers:  24 January 2024 Payment due dates for non-provisional eFilers will be adjusted as follows:⦁ Auto assessed taxpayers -due date 30 days post Filing Season 2023 …

SARS 2023 Tax Filing Season for Individual Taxpayers Read More »

SARS updated the bulk and additional payments on eFiling from 8 May 2023. The Payment Reference Number (PRN) that comes through admin penalty for the bulk payment will be rejected if it is processed incorrectly – You can read the updated guide to Bulk and additional payments on eFiling here.

The SARS Third-Party Data Annual Submissions for the 2023 financial year will close on 31 May 2023.   On 8 May 2023, SARS received only 35% of the expected submissions for this period. SARS urges taxpayers to make ahead of the due date to avoid last-minute challenges and potential delays. For more information, refer to …

The deadline for the third-Party Data Annual Submissions is fast approaching Read More »