Tips for December from our Experts at Northbound.

by | Nov 30, 2022 | Tips from Northbound | 0 comments

Duty to keep the South African Revenue Services informed with regards to any changes to registered particulars

By Laverne Geswint | GTP – (SA) SAIT

General Tax Practitioner South Africa

Laverne has more than 18 years experience as a tax practitioner with a BCOMPT in Accounting Science, majoring in Taxation (UNISA). She also has a Postgraduate Diploma in Taxation (UNISA) and is part of SAIT.

Taxpayers have a legal duty to keep SARS informed of any changes. This means that the taxpayer must inform SARS of any changes in their registered particulars. This duty is imposed on taxpayers by the Tax Administration Act No 28 of 2011.

Changes which SARS need to know about are as follows:

· Postal address

· Physical address

· Public Officer

· Banking details

· Electronic address for communication

· Any other details which the Commissioner may require

A taxpayer has 21 business or working days in which to inform SARS of the change.

It is very important to advise us if there are any changes to any entity as soon as possible so we can advise SARS timeously. This is of particular consequence when it comes to changes in banking details as this may result in SARS depositing the refund into the wrong bank account. SARS cannot be held liable if this happens.

We are finding that clients want their tax refunds but don’t advise us that their banking details have changed. They are actually under a legal obligation to inform us so we can inform SARS accordingly.

GUIDE TO WRAPPING UP BONUSES AND YEAR END PAYROLL

By Cornel Gouws | CA (SA)

Key Relationship Manager

Cornel has a B Com (Rationum) in Accounting & Business Management and a B Com ( Hons) in Accounting. He is also part of CA (SA) and SAICA.

The end of the year is a challenging time for payroll and HR professionals as they must handle all bonuses, annual leave payments, public holiday remuneration, etc.

If you are prepared and have the right tools, the process is manageable.

Key considerations:

1. Account for tax – bonus can push employees into a new tax bracket.

2. Value of automation – a cloud-based HR and payroll solution will assist. Benefits include:

  • data accuracy
  • automated reporting for submission to SARS
  • pay slip management (e-mail of pay slips, online availability)
  • compliance with legislation and automatic updating

3. Year-end payroll checklist – create a checklist of things to do, such as confirmation of employee information, ensuring all payments are captured and updating of leave schedules.

Once all steps have been considered, you should be ready to tackle the final payroll run for the year!

FROM THE NORTHBOUND TEAM – WISHING YOU A JOYOUS HOLIDAY SEASON AND A HAPPY AND PEACEFUL NEW YEAR