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SARS new policy: Rental Income

28 Aug 2013

Landlords and Rental Agents need to take notice:
SARS now requires rental agents to submit IT3(b) returns in respect of all rental income that is paid to property owners.
The first return is due before 31 October 2013 for the period 1 March to 31 August 2013.
In terms of category 2.10 as published in Government Gazette no 36346 dated 5 April 2013, rental agents will have to submit the information per each landlord on the form IT3(b) twice a year to SARS. The information is required in the following periods:
1 March to 31 August, on or before 31 October
1 March to end February, on or before 31 May each year.
Though the motive for this decision by SARS could be understood, this procedure could be argued as another so called, red tape, administrational burden that is enforced on the industry. As it is enforced by published legislation, it simply have to be done.
The publication can be downloaded @:
http://www.sars.gov.za/AllDocs/LegalDoclib/SecLegis/LAPD-LSec-TAdm-PN-2013-03%20-%20Notice%20260%20GG%2036346%205%20April%202013.pdf