New SARS Tax Clearance Process - Approval of International Transfers!
In this informative video, Tax Consulting SA's Thomas Lobban provides valuable insights into Approval for International Transfers (AIT) PINs and their significance for taxpayers. Discover the answers to key questions about tax clearance status and gain a comprehensive understanding of the new AIT PINs.
Questions discussed in the video:
-What is a Tax Clearance Status PIN, and when will a taxpayer require this?
-What is the difference between the new "Approval for International Transfer" or "AIT" PIN, compared to the previous PINs that SARS would issue?
-When requesting the PIN from SARS, what has now changed?
-What are the risks of incorrectly or inaccurately completing the application for the PIN?
-What guidance does SARS provide in relation to the disclosure and supporting document requirements?
-Is there anything else that taxpayers and their advisors should take into account regarding the new AIT PINs?
Throughout the video, Thomas Lobban explores the specific supporting documents necessary for the approval of international transfers, shedding light on the intricate requirements outlined by SARS. Learn about the different scenarios and corresponding documentation needed for each:
Relevant material demonstrating the source of the capital to be invested.
Statement of assets and liabilities for the previous three tax years, including disclosures of investments, loan accounts, and distributions from local and foreign entities.
Applicable Power of Attorney if the TCS application is submitted by someone other than the taxpayer.
For non-resident applications, additional documents include proof of ceasing tax residency, a detailed Capital Gains Tax calculation schedule, and separate applications for family units.
Discover the specific supporting documents needed for various sources of funds, such as savings/cash, distributions from trusts, donations, inheritances, loans, sale of property, sale of shares and securities, crypto asset sales, transfer of listed securities, investment income (local and foreign), royalty income, earnings, and income from entities where the taxpayer holds a direct or indirect beneficial interest.
Uncover the meticulous details required for each type of source, including bank statements, trust documents, loan agreements, capital gains tax calculations, conveyancer letters, portfolio statements, proof of interest/dividends/royalty payments, and more.
This comprehensive video provides essential guidance for taxpayers and their advisors, equipping them with the knowledge necessary to navigate the new AIT PIN requirements successfully.