“Third party reporting enables income tax returns to be pre-populated and helps SARS to verify accuracy of taxpayers’ disclosures.” (SARS)
Be aware that SARS has a new information stream which it will use to cross-reference to information you supply, to pre-populate your tax returns, and (presumably) to check generally for compliance and for completeness of taxpayer registration.
A new Tax Administration Act Notice requires automatic bi-annual returns from banks, JSE listed companies, medical schemes and a variety of other persons and institutions in respect of a wide range of transactions, contributions and pay-outs including those relating to RAs, life policies, medical aid schemes and royalties.
Estate agents, attorneys included
Returns are similarly required from estate agents and attorneys who pay to you, or receive on your behalf “any amount in respect of an investment, interest or the rental of property”.
If you want to get in touch with us to act in respect of any matter stated herein, please send an email to info@chrisfick.co.za.
© DotNews, 2005-2013. This article is a general information sheet and should not be used or relied on as legal or other professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your legal adviser for specific and detailed advice.