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SARS: FAQs re IT3(d) third party data submissions
- 05 June 2024
- SARS Issues
- South African Accounting Academy
This webpage contains 40 Q&As.
SAICA noted that SARS has listed penalties and non-compliance as potential consequences for failure to submit by the due date. This is contradictory to engagements with SARS and SAICA will seek clarification in this regard.
By 31 May 2024, Section 18A (tax exempt) approved entities had to provide SARS with their S18A tax deductible receipts issued to donors. This third-party data submissions (IT3(d)) is in terms of Public Notice 3631, Government Gazette 48867 in respect of:
- All S18A approved entities that have issued S18A tax deductible receipts to their donors between 1 March 2023 and 29 February 2024, had to submit this data to SARS, by no later than 31 May 2024.
- If an approved entity has not issued any S18A receipts for the period, they had to submit a NIL declaration.
Tax Exempt Institutions who are trusts, also have to comply with the IT3(t) requirements set out in the SARS Business Requirements Specifications (BRS) regarding distributions to beneficiaries during 1 March 2023 to 29 February 2024. This is due only 30 September 2024 in terms of Public Notice 4051.
Click here to access the FAQs:
https://www.sars.gov.za/businesses-and-employers/tax-exempt-institutions/it3d-third-party-data-faqs/
Relevance to Auditors, Independent Reviewers & Accountants:
- The Income Tax Act is yet another piece of legislation that your clients must comply with, and which you must assess compliance with. If they don’t comply with the relevant laws and regulations, you have certain reporting obligations in terms of NOCLAR (NOn-Compliance with Laws And Regulations) – this could include reporting to management, qualifying your audit opinion, reporting a Reportable Irregularity, etc.
- All auditors, accountants, independent reviewers and tax practitioners should be aware of the latest publications issued by SARS to remain up-to-date with the guidance provided therein.
- This document provides guidance on how section 18A approved entities should go about submitting their IT3(d) third party data.
Relevance to Your Clients:
- All tax exempt entities have a duty to comply with the Income Tax Act, otherwise they could be held liable.
- This document guidance on how section 18A approved entities should go about submitting their IT3(d) third party data.