Page 543 - Juta's Indirect Tax

Returns submission TAX ADMINISTRATION ACT: REGULATIONS AND NOTICES Returns submission
2. Persons required to submit third party returns
The following persons are required to submit a return as speci ed in paragraph 3:
2.1 Banks regulated by the Registrar of Banks in terms of the Banks Act, 1990, or the Mutual Banks Act, 1993;
2.2 Co-operative Banks regulated by the Co-operative Banks Development Agency in terms of the Co-operative Banks
Act, 2007;
2.3 The South African Postbank Limited (Postbank) regulated in terms of the South African Postbank Limited Act,
2010;
2.4 Financial institutions regulated by the executive of cer, deputy executive of cer or board, as de ned in the Financial
Services Board Act, 1990, whether in terms of that Act or any other Act (including a ‘ nancial institution’ as de ned
in the Financial Services Board Act, 1990, other than an institution described in paragraph (a) (i) of the de nition); 2.5 Companies listed on the JSE, and connected persons in relation to the companies, that issue bonds, debentures or
similar nancial instruments;
2.6 State-owned companies, as de ned in section 1 of the Companies Act, 2008, that issue bonds, debentures or similar
nancial instruments;
2.7 Organs of state, as de ned in section 239 of the Constitution of the Republic of South Africa, 1996, that issue bonds
or similar nancial instruments;
2.8 Any person (including a co-operative as de ned in section 1 of the Income Tax Act, 1962) who purchases any
livestock, produce, timber, ore, mineral or precious stones from a primary producer other than on a retail basis; 2.9 Any medical scheme registered under section 24 (1) of the Medical Schemes Act, 1998;
2.10 Any person, who for their own account carries on the business as an estate agent as de ned in the Estate Agency
Affairs Act, 1976, and who pays to, or receives on behalf of, a third party, any amount in respect of an investment,
interest or the rental of property; and
2.11 Any person, who for their own account practices as an attorney as de ned in section 1 of the Attorneys Act, 1979,
and who pays to or receives on behalf of a third party any amount in respect of an investment, interest or the rental of property.
3. Returns required to be submitted
Every person mentioned in Column 1 must submit a third party return that relates to the information speci ed in Column 2, in the form speci ed in Column 3 of the following Table—
Column 1
Column 2
Column 3
Person mentioned in paragraph
Information concerning
Form
2.1, 2.2, 2.3, 2.4, 2.10 and 2.11
(a) Amounts paid or received in respect of, or by way of any investment, rental of immovable property, interest or royalty; and
(b) Transactions that are recorded in an account maintained for another person (i.e. transactional accounts like bank accounts).
IT3(b); or
A data le compiled in accordance with SARS’s Business Requirement Speci cation: IT3 Data Submission
2.1, 2.2, 2.3, 2.4, 2.5, 2.6 and 2.7
Amounts paid in respect of the purchase and disposal of nancial instruments.
IT3(c); or
A data- le compiled in accordance with SARS’ Business Requirement Speci cation: IT3 Data Submission
2.4
The purchase of, and contributions made in respect of any retirement annuity policy or income protection policy.
IT3(f); or
A data- le compiled in accordance with SARS’ Business Requirement Speci cation: Insurance Payments
2.4
The payment of an amount that occurs upon the death of a person in terms of an insurance policy.
IT3(f); or
A data- le compiled in accordance with SARS’ Business Requirement Speci cation: Insurance Payments
2.8
Monies paid in respect of a purchase, sale, or shipment of livestock, produce, timber, ore, mineral, precious stones, or by way of a bonus.
IT3(e); or
A data- le compiled in accordance with SARS’s Business Requirement Speci cation: IT3 Data Submission
2.9
Contributions made by persons in respect of a medical scheme, and all expenses paid for a person by a medical scheme.
IT3(f); or
A data- le compiled in accordance with SARS’ Business Requirement Speci cation: Medical Scheme Contributions
Juta’s IndIrect tax 2016 535