Once the tax year has come to an end (the last day of February each year), we have to prepare the tax data and files for submission to SARS. Third-Party Providers (such as SatrixNOW) are able to submit the data files to SARS from 1 April up until 31 May each year.
After submitting the tax files to SARS, Satriis in a position to issue tax certificates to its clients – we aim to provide these within 14 business days after the Third Party submission closing date.
There are some clients who have requested SatrixNOW to issue their tax certificates sooner; hence we have devised a plan to satisfy this request, as detailed below:
- SatrixNOW will aim to upload “Provisional” tax certificates onto the platform by 31 March;
- SatrixNOW will let clients know when this has been done;
- These certificates will bear the word “Provisional” until such time that we submit the tax data to SARS towards the end of May;
- Once the data files have been finalised and submitted to SARS, final tax certificates will then be uploaded onto the platform and the “Provisional” tax certificates will be removed.
What are Third-Party submissions?
Third-Party Providers such as Banks, Medical Schemes, Fund Administrators, etc are required by law to send certain client data through to SARS each year. The information supplied will enable SARS to maintain its own record of your investment-related activities during the tax year. Third-Party Providers are required to submit bi-annual submissions of this data to SARS. An example of the information submitted to SARS is interest income (IT3B) as well as profit or losses realised on the sale of securities (IT3C).
When does the tax season open up for me to submit my tax returns?
The opening of the tax submission season is announced by SARS each year. You can follow the SARS website for an update on this.