SARS E-Filing 2019/20

Finally got verification of assessment and no changes will be made, how long did it take to receive payment for you guys after getting the letter?
 
Has anyone on this forum received the notification issued by SARS related to people who have offshore holdings? I declare my offshore dividends every year to keep my side clear, but how do you know you are not on the wrong side of SARS?
 
Lukcydog said:
Has anyone on this forum received the notification issued by SARS related to people who have offshore holdings? I declare my offshore dividends every year to keep my side clear, but how do you know you are not on the wrong side of SARS?
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I have an offshore bank account that I declare in the "Statement of Assets and Liabilities" section (under "Foreign Assets") of my annual return. I don't know of any other way to declare to SARS what assets you have offshore.

In any case, I haven't received that notice.
 
deweyzeph said:
I have an offshore bank account that I declare in the "Statement of Assets and Liabilities" section (under "Foreign Assets") of my annual return. I don't know of any other way to declare to SARS what assets you have offshore.

In any case, I haven't received that notice.
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That's interesting, did you do it as part of your efiling?
 
Lukcydog said:
That's interesting, did you do it as part of your efiling?
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Yes, it's in my annual return. However not everyone's annual return shows the "Statement of Assets and Liabilities" section. Generally only company directors and provisional taxpayers have to fill this in. If you're just a normal salaried taxpayer then I'm not sure how you would be able to declare your foreign assets, there's literally no other way as far as I can see.
 
deweyzeph said:
Yes, it's in my annual return. However not everyone's annual return shows the "Statement of Assets and Liabilities" section. Generally only company directors and provisional taxpayers have to fill this in. If you're just a normal salaried taxpayer then I'm not sure how you would be able to declare your foreign assets, there's literally no other way as far as I can see.
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That was going to be my next question. I'm a salaried employee and have never seen this field. I declare my foreign dividend and foreign tax paid and pay in the 5% difference between USA and ZA dual tax treaty. Also, when I get audited I include the details of my offshore holdings.
 
Lukcydog said:
That was going to be my next question. I'm a salaried employee and have never seen this field. I declare my foreign dividend and foreign tax paid and pay in the 5% difference between USA and ZA dual tax treaty. Also, when I get audited I include the details of my offshore holdings.
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It's important to note that there is a difference between declaring your foreign income and declaring your foreign assets. They are 2 separate things. It sounds like in your case you've done all the right things in terms of declaring your foreign income. If that foreign income then sits in a foreign holding account, then you also have a foreign asset to declare but if your tax return does not contain the "Statement of Assets and Liabilities" section then you effectively have no way of declaring the foreign asset.

In my case my offshore bank account is funded directly from my South African post-tax income, so I have no foreign income to declare, but I do have a foreign asset to declare.
 
Surprised to get something back this time despite nothing much changing really. No idea what happened but I will take it.
 
For those that are living outside SA, I read that you need to convert to a provisional tax payer if your company is not registered with SARS (which most overseas places would be), especially from this tax year onwards.

Is that correct?
 
Took +60 days after being flagged for audit due to stating I'm no longer a resident and my IT34 has finally been issued :)

2 more years and should hopefully have access to my RA without the need for financial immigration if I want.
 
RVQ said:
Took +60 days after being flagged for audit due to stating I'm no longer a resident and my IT34 has finally been issued :)

2 more years and should hopefully have access to my RA without the need for financial immigration if I want.
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Just as a matter of interest what audit documents did they request for stating that you're no longer a tax resident?
 
deweyzeph said:
Just as a matter of interest what audit documents did they request for stating that you're no longer a tax resident?
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Nothing, whatever checks (if any) were done without my involvement. I actually already had all the documentation on hand including certificate of residence but I guess I'll just keep them safe for the next 5 years.

The thing that kept worrying me was all the fearmongering from the expat tax, even though I knew it was all nonsense. I declared all my global earnings, paid the necessary tax in my country of residence and SARS made no claims against me, was relieved to see the R0 with a compliant tax status :)
 
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