Post has attachment

Tax practitioner registration – 2 practitioner (PR) numbers 

 SARS has advised SAIT that if you received a new (second) tax practitioner number when merely updating your tax practitioner status on efiling to be compliant with the Tax Administration Act, you need to continue using your old (first) tax practitioner number when dealing with SARS. However, you need to ensure that you have correctly verified your information on the correct PR number.

After 1 July 2013 SARS will contact each tax practitioner regarding the 2 PR numbers.

Should you have any queries in this regard, please contact Sharon Smulders on ssmulders@thesait.org.za.

Q: Tax Allowance Question of the Day
Please clarify what the word "Tax Threshold" mean. Does it mean if your taxable income's below the current (persons under 65) R63,556 and your income's solely interest; you do not pay tax?

A: Tax threshold is generally used to describe the maximum amount of taxable income you can earn that won't be taxable. This won't be taxable by virtue of the primary (and secondary) rebates given by SARS to natural persons. To work out what the tax threshold is in any particular year, simply tax the Primary rebate (for under 65 year old's) and divide this by the lowest tax bracket percentage (18%). For 2013, the tax threshold is R63,556 (R11 440 / 18%).
Wait while more posts are being loaded