PAYE,PIT and TRUST Changes From SARS
NEW INFORMATION FROM SARS ON PAYE, PIT, AND TRUST CHANGES WILL TAKE PLACE IN JUNE
PAY AS YOU EARN ADMINISTRATIVE PENALTIES UPDATE:
SARS will implement the PAYE Admin Penalty solution in June 2021. The established interim solution gave SARS the option to enforce PAYE administrative penalties, which meant charging administrative fines for late submission of EMP501 reconciliations. The PAYE admin penalty was separated into three phases, the first two of which were already implemented.
TRUST FILING SEASON: FORM AND SYSTEM CHANGES TO BE INTRODUCED
SARS is constantly improving its service offerings, systems, and processes for submitting income tax returns for trusts (ITR12T). We believe that these reforms will give taxpayers the transparency and certainty they need to meet their tax obligations, making compliance easier. The Commissioner’s annual notice requires ALL Trusts to submit a Trust return. As a result, it is critical that all Trust representatives (trustees) ensure compliance in this regard.
SARS will make adjustments to the Income Tax Return for Trusts (ITR12T) with effect from June 23, 2023, as well as eFiling upgrades, such as extra questions to be answered in the Income Tax Return Wizard and obligatory supporting documents that must accompany the return.
Please click here for more information
PERSONAL INCOME TAX- FILING SEASON 2023 UPDATES:
SARS is advancing toward its 2024 vision of becoming a sophisticated, contemporary organization with indisputable integrity that is admired by everybody. According to this mission statement, SARS is working hard to make it simple and smooth for taxpayers to meet their legal duties. Individuals (non-provisional taxpayers) and Trusts can file from 8 p.m. on 7 July until 23 October 2023, and Provisional taxpayers can file until 24 January 2024.
SARS has issued the following updates in preparation for the next Personal Income Tax (PIT) filing season:
- Aligning the 40 Business Days Rule to the Filing Season End Date
- Payment Due Dates
- Foreign Income Disclosure
- Spouses Married in Community of Property Assessment
- Section 93 Reduced Assessment
Please click here for more information
Government Gazette: Vol. 696 No. 48788 also available on this link.
Kind Regards
CPI Payroll Support Team