NEW RULES: WHO REPORTS YOUR INCOME TO THE TAXMAN? “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”.
Posted on: Wed, 12 Jun 2013 10:52:57 +0000
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