Tag: filing season
Trusts – tax compliance with SARS
With 2024 being the first year that trust taxpayers are tasked with submitting third party IT3(t) returns to South African Revenue Service (SARS) by 30 September 2024, this change of the filing season could potentially offer a silver lining for trust taxpayers, granting them additional time to prepare for their 2024 tax return filing along with the added compliance measures that come with the submission.
SARS and CIPC compliance crusade aimed at getting South Africa off...
On 27 June 2024, the South African Revenue Service (SARS) announced its enhanced Beneficial Ownership disclosures for the 2024 Filing Season. Not even 24 hours later, the Companies and Intellectual Property Commission (CIPC) issued a media release enforcing beneficial ownership (OB) declaration, to be able to file annual returns. This may simply be a compliance coincidence, but more likely a strategic move to eradicate non-compliance for companies, trusts, and partnerships, on all levels.
Unforeseen tax debt arising from crypto trading
Landing in a position of indebtedness to South African Revenue Service (SARS) can be quite a stressful journey on its own; if forgetting to leave room for crypto profits or gain, in your suitcase, the destination becomes all that more daunting.
The new R50 Million asset disclosure – SARS’ due diligence or...
The South African Revenue Service (SARS) has been hinting at introducing a wealthy individual “specific asset” disclosure for some time – and it is finally here! As of the commencement of the 2023 Tax filing season, individuals holding assets valued at R50 million or more now need to provide a “high level” disclosure to SARS.
Tax filing season 2023 is here – the changes you need...
The South African Revenue Service (SARS) has also announced many changes to this upcoming filing season and has already begun auto-assessing taxpayers from 1 July 2023. These changes must be clearly understood by taxpayers, so they can compliantly navigate this year’s filing season.
Tax diagnostic – diagnosing your tax health
With 2022 filing season upon us, taxpayers are in great need of understanding what their current tax compliance status is with the South African Revenue Service (SARS); and if there is an outstanding tax debt, from where does such liability arise.
2021 tax return issues
Filing season opened on 1 July 2021, with a significant number of taxpayers being assessed automatically. So, should you file a return this year or not?
