Individuals Tax
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ITR12 Filing Season: Current SARS Focus Areas 2022

Duration: 4 hours

Price: R595.00


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Title / Topic

ITR12 Filing Season: Current SARS Focus Areas 2022

Presenters : Diane Seccombe


Overview

It is anticipated that individuals submitting 2022 ITR12 tax returns will face increased verification queries from SARS. In order to avoid an unnecessary verification and audit from SARS, tax practitioners must be diligent and ensure that taxpayers fully comply with the relevant tax law referred to in the tax return, and appreciate what documentary evidence is required to discharge the burden of proof placed on the taxpayer to substantiate information disclosed in the ITR12 tax return.

In this session, we will not deal with the filing of the return, but rather focus on the legal and practical understanding of the contents of the ITR12 return, what the various questions mean, and why SARS is asking them.


Video content

Please join us as we consider, inter alia, the following issues:

  • Home office expenses
    • Different rules for employees, independent contractors and commission earners
    • SARS verification questions and proof required
    • Expenses that can be claimed
  • Loans to trusts
    • New rules
    • New rates
  • Trust distributions
    • Expenses set off against beneficiary distributions
    • Disclosure in tax return and correlating trust documentation
  • New cessation of residence declaration form
    • Disclosure in tax return and payment of provisional tax
  • Correct disclosure of foreign dividends and foreign interest
  • Conversion rates for foreign income and expenses
  • Foreign trade losses
  • Meeting the “days” rule for foreign employment exemption
  • Disclosure of foreign donations and the SARB
  • Crypto assets:
    • Are you trading or investing and disclosure required
    • Documentary proof
    • Filling in statement of assets and liabilities
  • Foreign trade income and losses

Competencies developed in this CPD:

After this session, you will be:

  • Updated with the current law and SARS practice impacting taxpayers during the 2022 filing season.
  • Competent to advise clients on the compliance and documentary evidence requirements applicable to the 2022 filing season.
  • Able to complete the new cessation of residence declaration form.
  • Confident to train your staff about the current law and SARS practice applicable to the 2022 filing season.
  • Informed about topics to include in a client communique to alert your clients about current law and practice impacting 2022 filing season obligations.

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