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Steps to Pay Withholding Tax on Interest via SARS E-Filing

Thursday, 30 April 2015   (0 Comments)
Posted by: Author: BDO South Africa
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Author: BDO South Africa

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 Returns
  • 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

  • Click Returns
  • Click Payments
  • History
  • 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.

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