| | Our office will close at 12:00 on 15 December 2011 and reopen at 08:00 on 11 January 2012.
Skeleton staff will be available on 19 and 20 December as well as 6 January. |
Latest News Articles :
New Companies Act New rules on IRP5's
|
|
New rules on IRP5's |
Tue 19 Jan 2010 |
| |
SARS announced rather late in 2008 a new dispensation on IRP5's and tax returns. In the past employees had to submit copies of their IRP5's to SARS. These IRP5's were in rare occasions referenced back to the employee.
From 2008 employers will first have to submit their IRP5 information to SARS. A deadline of 29 August has been set. Only from 1 September will taxpayers be able to submit their tax returns. Many fields on these tax returns will be pre-populated, amongst them the taxpayers IRP5 information. The late issue of tax returns in 2008 will place a financial burden on those taxpayers who have large annual refunds, i.e. big medical bills and rely on the annual tax refund to sustain them.
Manual returns will also be issued by SARS, but only if requested by telephone. A new IVR platform is being developed by SARS in this regard. [You dial a phone number, when you hear the voice prompt you press a button to choose a language and on the next voice prompt type in your tax number - SARS will then mail you your tax form.]
It is our opinion that from 2009 onwards, SARS will greatly reduce the time period available for employers to submit their IRP5 information, with 30 April a plausible date. |
|
| |
