Definitions

Local Asset Codes

IT3(s)

An IT3(s) is a Tax Certificate received from an institution such as a bank or financial services institution. It is a summary of all the details of yo

Qualifying Medical Expenses

Examples of qualifying medical expenses are any amounts that were paid by you, as the taxpayer, during the year of assessment: For professional services rend

Physical impairment

A physical impairment is a limitation on a person’s ability to perform their daily activities, but is not regarded as a severe condition e.g. bad eye sigh

Business Code Table

Please choose the category of your business: 01 - AGRICULTURE, FORESTRY AND FISHING 02 - MINING AND QUARRYING 03 - FOOD, DRINK AND TOBACCO 04 - TEXTILES 0

Rands

SARS requires that certain amounts in foreign currencies must be translated into Rands when entered into your tax return. To do this you must consult the SARS a

S10(1)(o)(ii)

It is foreign income which may not be subject to tax if you: Have a formal employment contract with a foreign employer, Are a South African tax reside

Tax season

Tax season is the period in which taxpayers must complete and submit their tax returns to SARS. The South African Revenue Service begins tax season for individu

Primary Residence

A primary residence is the place that the taxpayer lives in for most of the year either alone or with their family. in which a natural person or a special tr

Public Office

the President, Deputy President, a Minister, Deputy Minister, a member of the National Assembly, a permanent delegate to the National Council of Provinces, a

Source code

A source code is a four digit identifier / number that SARS uses to capture information on the income tax return. It will usually appear alongside the amount it

Base Cost

Base cost means the cost of an asset against which any proceeds (the price) upon disposal (sale) are compared in order to determine whether a capital gain (a pr

Proceeds

Proceeds received for an asset is generally the amount, whether in money or some other form, that the taxpayer received, or is owed, on disposal of the asset.

Spouse

Generally the spouse of the taxpayer is anyone that they are in union with as recognised under South African law and religious recognition. "spouse", in relatio

Incur

To incur something from a tax perspective would be to either pay for it using a form of currency or to be in the position where you will have to pay for somethi

Public Benefit Organisation

Generally this is an organisation that does not work for profit and does not pay tax in or out of South Africa. The organisation is most likely involved with ch

Disability

It is a moderate to severe limitation of any person’s ability to function or perform daily activities. It is a condition that will last&nbs

Connected person

A Connected Person (in terms of a human being) is defined as either: A relative of yours, including your - Spouse (i.e a partner in a marriage or union re

SARS eFiling

SARS eFiling is an online process for submitting your tax returns to SARS and replaces physical tax return submissions done manually. This service allows indivi

ITA34

An ITA34 is a summary of your assessment for the tax year. After submitting your tax return, SARS sends you a summary of your submission - this document is call

ITR14

An ITR14 or Income Tax Return is a form that SARS requires all companies registered with CIPC to complete and submit to SARS once every year. The form is used t

IT3(c)

An IT3c is a Tax Certificate received from an institution such as a bank or financial services institution. It is a summary of any disposals you may have m

IT3(b)

An IT3(b) is a Tax Certificate received from an institution such as a bank or financial services offerer which will be a summary of any interest and dividends b

IT3(a)

An IT3a is the same as an IRP5, except that it shows employee earnings from which tax has NOT been deducted. An IT3(a) is a tax certificate issued to a taxpaye

IRP5

An IRP5 is the employee's tax certificate that is issued to him/her at the end of each tax year detailing all employer/employee related incomes, deductions and