We summarise below the steps to pay withholding tax on interest (WTI). In April, payment must only be made for March interest withheld. A return does not have to be submitted, but accurate records (e.g. a spreadsheet) must be kept of how the amount of WTI paid has been calculated. A return must be submitted for payments made from May 2015 onwards.
Step 1: Logon to eFiling or register for eFiling if not already a registered eFiler
Only Credit Push transactions are accepted on eFiling. For more information, see the ‘Discontinuation of Debit Pull Transactions on eFiling' guide on the SARS website.
Step 2: Set up banking details (see 'How do I set up a Credit Push on eFiling?' for more information)
Step 3: To make the payment
Click Additional Payments
Create Additional Payment
Select Withholding Tax on Interest (WTI), as the Tax Type, from the dropdown list
Complete the name of the payer by Taxpayer Name
Complete the Tax Reference Number (income tax reference number of the payer); and
Complete the amount of tax withheld that needs to be paid. The full amount including cents must be filled in, e.g. R 250.56. The correct income tax reference number must be used when making payment.
Click Make Payment. Where Save Payment is chosen, the payment will be under Payments – General Unpaid.
Follow the steps in the "How do I process a payment on eFiling” guide on the SARS website, to finalise the transaction.
The Payment Initiation Results page will appear, showing that the payment was sent to the bank for processing, as well as the Payment Reference Number starting with SARS EFILING.
Click Print Confirmation, to print a copy.
Step 4: Log into the bank to authorise the payment. For more information see ‘How do I release a payment at my bank' on the SARS website
Step 5: Print a copy of the receipt
A list of payments made will appear
Next to the relevant payment, click Open on the far right
Click Open again on the far right
On the next page click Print Confirmation
The receipt will be shown
Click Print to print a copy for your records.
The transaction must show Payment Successful under Status for the receipt to be valid.
Section 240A of the Tax Administration Act, 2011 (as amended) requires that all tax practitioners register with a recognized controlling body before 1 July 2013. It is a criminal offense to not register with both a recognized controlling body and SARS.
MINIMUM REQUIREMENTS TO REGISTER
The Act requires that a minimum academic and practical requirments be set to register with a controlling body. Click here for the minimum requirements of SAIT.