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ALL SOUTH AFRICAN COMPANIES NEED TO SUBMIT SARS ANNUAL RECONCILIATION BY 31 MAY 2013

May 22, 2013 in Human Resources

Tags: efiling, efiling sars, Sage Pastel Payroll & HR, sars contact details, sars e-filing, sars website

Companies need to ensure that they are geared to provide SARS with their annual PAYE reconciliation submission before the end of May.

The first step companies should make is to ensure that they download the latest version of the e@syFile™ Employer system which has been loaded on the SARS website www.sarsefiling.co.za.

“It is most important that companies download and install this software before conducting their PAYE, SDL and UIF reconciliations to ensure accuracy and compliance with SARS requirements,” says Philip Meyer, technology director at Sage Pastel Payroll & HR.

While SARS will not reject tax certificates that do not have an income tax number, the e@syFile™ Employer system will issue the submitting company a message declaring that penalties can be raised on the employer as a result of the missing information.

Meyer stresses that employers must confirm that the company will comply with the SARS penalties procedure before their companies are able to continue with their reconciliation and submission.

“SARS has also increased employer penalties applying to employee tax certificates that do not have a registered tax number. So it makes financial sense for companies to ensure that they register all unregistered employees with SARS before they submit tax certificates for reconciliation. Even employees that are below the tax threshold need a registered tax number,” adds Meyer.

Companies wanting to register employees for a tax reference number can either go into a SARS branch, or can log onto the e@syFile™ Employer system and load their employees manually. To follow the verification status of the tax reference number, companies can use the ITReg functionality of the e@syFile™ Employer system and follow a synchronisation process to obtain a CSV file with their employees’ tax reference numbers.

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by sagegroup

Record keeping is critical

October 19, 2012 in Latest News, SME/SMME

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Tags: CC, Closed Corporation, Closed Corporation Tax, efiling, efiling login, how long to keep company records, Record keeping, sars, sars e-filing, sars efiling, small business, small business tax, SME, SME record keeping, SME Toolkit South Africa, SMME, submission, tax

In some cases, just hearing the words ‘tax man’ or ‘receiver’ can raise the blood pressure of small business owners. There are many ways to ensure your tax return is in order, one of which is keeping your tax submission records safely filed for easy filing and accessibility should you need to refer back.

If you’re a small to medium sized business owner, it’s up to you to maintain records of all documents pertaining to your tax return. These records should not only be kept during the course of the tax year for filing purposes, but you are also required to maintain these records.

According to the SME Toolkit South Africa, the retention periods in terms of the Companies Act and the Close Corporation Act are:

For Closed Corporations (CCs)

DOCUMENT	RETENTION PERIOD
1. Founding statement (form CK1)	Indefinite
2. Amended founding statement (forms CK2 and CK2A)	Indefinite
3. Minute book as well as resolutions passed at meetings	Indefinite
4. Annual financial statements including annual accounts and the accounting officer’s report	15 years
5. Accounting records, including supporting schedules to accounting records and ancillary accounting records	15 years
6. The microfilm image of any original record reproduced directly by the camera – the “camera master”	Indefinite

To read the rest of the article and to see the table for companies, click here

by sagegroup

Tax Return FAQ 4

August 28, 2012 in Entrepreneurship, Latest News, SME/SMME

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Tags: about tax, e-filing, e-filing sars, efiling, efiling income tax, efilling, help with tax, how to submit income tax return, how to tax, income tax help, Sage South Africa, sars, sars efiling, sars efiling login, sars registaration, softline sage, Softline South Africa, tax, tax 2012, tax directive, tax FAQ, tax help, tax season 2012, tax season closes, what to take to sars branch to submit tax return, when does tax season close, when is tax 2012 due

If you’ve been reading the previous posts on SARS submissions, you might know that the deadline is now on the horizon. Manual returns have to be submitted by the 28^th of September, and SARS efiling submissions need to be completed by the 23^rd of November 2012. Of course, if you’re a provisional tax payer, then you have a little more time. Your submission is only due in January next year. In today’s post, we will be addressing tax directives:

What is a tax directive?

Each month, an employer will deduct PAYE and SITE from an employee’s income based on guidelines from SARS. If that employee earns commission as part of his or her income, and the commission is greater than 50% of their total earnings, then that employee could apply for a tax directive.

The directive would fix your tax at a prescribed percentage regardless of what the employee might have earned in that tax year. Ultimately, this results in a tax saving on a monthly basis and an ‘advance’ on what you would have normally received at the end of the year when submitting your full tax return.

How do I go about applying for a tax directive?

As a starting point, consulting with a tax expert would be advisable to ascertain whether a tax directive is viable for you.

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by sagegroup

Tax Return FAQ 4

August 14, 2012 in Entrepreneurship, Latest News, SME/SMME

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Tags: about tax, e-filing, e-filing sars, efiling, efiling income tax, efilling, help with tax, how to submit income tax return, how to tax, income tax help, Sage South Africa, sars, sars efiling, sars efiling login, sars registaration, softline sage, Softline South Africa, tax, tax 2012, tax FAQ, tax help, tax season 2012, tax season closes, what to take to sars branch to submit tax return, when does tax season close, when is tax 2012 due

In the post last week, we covered the ins and outs of e-filing via www.sars.gov.za. Now, we understand that there are still those people who prefer to take their manual return and drop it off, or walk into a branch and submit electronically onsite. If this is your preference, today is your day! We’ve included some details below on alternative ways of submitting your return.

In terms of deadlines, you need to know the following:

- If you are taking your information and dropping it manually into a SARS drop box, the deadline for this type of submission is the 28^th of September 2012

- If you are filing electronically at a SARS branch, then the deadline is the 23^rd of November.

Manual filing

If you choose manual submission (completing your tax return in writing) then you need to call the SARS Contact Centre on 0800 00 SARS [7277] or visit a SARS branch and order your Income Tax Return (ITR12). It will then be posted to you. Once you have the form, you can complete it honestly and completely and pop it in the post, or drop it in a SARS branch drop box.

Filing electronically at a SARS branch

First, you’ll need to know where to go, so visit http://www.sars.gov.za/home.asp?pid=2921 and check out where your nearest SARS branch is. The next step is to ensure you the correct documentation for submission.

Checklist for filing your tax return at a SARS branch

Your original ID or passport, plus a certified copy or, in the absence of an ID/passport, an affidavit together with a temporary ID/passport
To read the rest of the checklist, click here

by sagegroup

Tax Return FAQ

August 1, 2012 in Entrepreneurship, SME/SMME

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Tags: about tax, e-filing, e-filing sars, efiling, efiling income tax, efilling, help with tax, how to submit income tax return, how to tax, income tax help, Sage South Africa, sars, sars efiling, sars efiling login, sars registaration, softline sage, Softline South Africa, tax, tax 2012, tax FAQ, tax help, tax season 2012, tax season closes, when does tax season close, when is tax 2012 due

As mentioned in a previous post, tax season 2012 is now upon us. Manual returns have to be submitted by the 28^th of September, and SARS efiling submissions need to be completed by the 23^rd of November 2012. Provisional tax payers have a little more time with their submissions due in January next year.

To assist you with your returns, and answer any questions you might have, we will be posting two frequently asked questions on the blog each week for the next few weeks. If you have any burning issues, post your comment in the comments section below, and we will endeavour to assist you as quick as possible. Alternatively, connect with us on Twitter: @SageGroupZA

If you are unsure if you should submit a tax return, or what format it should be submitted in, take a look at the below list.

In the period of 1 March 2011 to 29 February 2012,

Did you conduct any trade* in South Africa?
Did you receive an allowance such as a travel, subsistence or Office Bearer Allowance?
Do you hold any funds or assets outside South Africa that have a value of more than R50 000?
Did you have a local Capital Gain/Loss exceeding R20 000?
Did you receive any income or Capital Gain in a foreign currency?
Do you hold any rights in a Controlled Foreign Company?
Did you receive an Income Tax Return or were you requested to submit a Income Tax Return for the year in question?

If you answer yes to any of the questions, you are required to submit a tax return.

There are three ways to submit your return:

eFiling: The most convenient and quickest way to do it
Filing electronically at a SARS branch
- Completing your return in writing and posting it to SARS or popping into a SARS drop box

Next week we will cover the ins and outs of eFiling, but if there is something you urgently need to know, comment on our main blog: click here

by sagegroup

The Individual tax season kicks off…

July 17, 2012 in Latest News

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Tags: efiling, guide to tax, how to do tax return, how to tax, Pastel, Pastel Payroll, sars, Softline Pastel, Softline Pastel Payroll, tax, tax 2012, Tax payers, tax returns, Tax season, tax season 2012, when does tax season close, when is tax season, when to submit tax return

The Tax Season commenced on 01 July 2012. Taxpayers can now submit their IT12 Returns for 2012. To avoid fines or penalties, individuals need to file their tax returns within the SARS deadlines, for the period 01 March 2011 to 29 February 2012.

Submission Deadlines

Please take note of the submission deadlines below:

•Manual returns have to be posted or delivered to local SARS branches by 28 September 2012.

•Non-provisional taxpayers may use SARS eFiling until 23 November 2012.

•Provisional taxpayers have more time and may submit electronic returns via eFiling until 31 January next year.

Tax Return Guide

Visit www.sars.gov.za to obtain the 2012 Tax Season electronic guide to help with submitting your IT12 Returns.

Help-You-eFile

A Help-You-eFile service will also soon be launched by SARS. The Help-You-eFile service is an innovation that will provide taxpayers with access to contact centre agents while the taxpayer is online. SARS Agents are able to see what taxpayers are doing and assist with the completion of the tax return. SARS has also embraced mobile technology and this year individuals with mobile devices will also be able to….

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by sagegroup

Tax season now open for taxpayers

July 13, 2012 in Latest News

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Tags: efiling, guide to tax, how to do tax return, how to tax, sars, tax, tax 2012, Tax payers, tax returns, Tax season, tax season 2012, when does tax season close, when is tax season, when to submit tax return

Tax season 2012 has been officially launched. To avoid fines or penalties, individuals need to file their tax returns within the SARS deadlines, for the period 01 March 2011 to 29 February 2012.

Manual returns have to be posted or delivered to local SARS branches by 28 September 2012 while non-provisional taxpayers may use SARS eFiling until 23 November 2012. Provisional taxpayers have more time and may submit electronic returns via eFiling until 31 January next year.

Phil Meyer, technology director of payroll, tax and HR software developer Pastel Payroll, part of the Softline Group and Sage Group plc, recommends that individuals begin to get their tax documentation in order now.

“It makes sense to gather proof of contributions to Retirement Annuities or private pensions and medical schemes, investment income, dividends and lump sum payments now. The earlier the return can be finalised and submitted the better. It is less stressful than the panic last-minute rush.”

Meyer adds that taxpayers can obtain the Tax Season 2012 electronic guide from the SARS websitewww.sars.gov.za

“This year SARS is offering taxpayers assistance with their returns through a number of channels, helping to ensure that tax returns are submitted accurately and on time with minimal effort. A Help-You-eFile service will also soon be launched by SARS.”

The Help-You-eFile service is an innovation that will provide taxpayers with access to contact centre agents while the taxpayer is online. SARS Agents are able to see what taxpayers are doing and assist with………

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ALL SOUTH AFRICAN COMPANIES NEED TO SUBMIT SARS ANNUAL RECONCILIATION BY 31 MAY 2013

The Individual tax season kicks off…

Tax season now open for taxpayers

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