SARS focus areas in the ITR12 - Part 2
Presenters : Diane Seccombe
Overview
Taxpayers need to understand the content of their tax returns. What do the questions really mean, and depending on their answers, what are the verification questions they could expect? Once that hurdle is overcome, it is equally important to understand what information and documentation will be required to discharge the burden of proof placed on the taxpayer to satisfy SARS that the information disclosed has been substantiated.
Our presenter, Diane Seccombe, will not deal with the actual operational side of filing the return, but rather with the contents of the return, and how to navigate the questions in order to limit the verification questions.
Video content
Please join us as we consider, amongst others, the following issues:
- Trust distributions
- Disclosure in IT3(t) and the impact on trust beneficiaries
- Expenses set off against beneficiary distributions
- Disclosure in trust returns and correlating disclosure in individual returns
- Cessation of residence
- RAV01 form
- Employment
- Rendering services in SA to a foreign employer
- Effect of double tax agreement
- Foreign income
- Updated average rates
- Rebate for foreign taxes paid
- Taxation and disclosure in respect of offshore endowments
- Disposal of offshore assets
- Conversion of proceeds and base cost into rands, which rates to use?
- Crypto assets:
- Use of crypto losses
- Disclosure and taxation of SA sourced amounts paid to non-residents
- SA annuities: compulsory vs purchased
- SA interest
- Effect of a double tax agreement
Competencies developed in this video
- Updated with the current law and SARS practice impacting taxpayers during the 2023 filing season.
- Competent to advise clients on the compliance and documentary evidence requirements applicable to the 2023 filing season.
- Confident to train your staff about the current law and SARS practice applicable to the 2023 filing season.
- Informed about topics to include in a client communique to alert your clients about current law and practice impacting 2023 filing season obligations.