You should keep your certificate safe, as it may be useful in future if you are asked to prove your earnings or are asked questions about tax. It means that the owner of the account is acting as the trustee of the funds, which transfer to the beneficiary of the account when the owner dies. WITHHOLDING TAX ON INTEREST (FDWTI) was created within IT3(b). For proof of these deductions, you will need to support this with the certificate from the Financial Institution. 13(1) of the Fourth Schedule to the Income Tax Act. See IRM 3.22.261.21.2. The tax year on the Form 8288 and Form 8288-A is changed by the IRS to February 2017, the date the withholding certificate is issued. It will be called an RAF Contribution Certificate (IT3F). Make sure the IT3b certificates are for the correct tax year. Form W-4 is completed by employees and given to their employer so their employer can withhold the correct federal income tax from the employee's pay. In order to claim the tax break for RA contributions, you’ll need to have proof of your contributions by way of a certificate called a RAF Contributions Certificate (IT3F), which should be issued by the financial institution. Controls the production and distribution of IT3b, IT3c and IT3f certificates and bi-annual returns to the tax authorities. Tax … However, the transferor/seller reports the transfer on the income tax return for the year the actual transfer occurred, which is 2016. Prepares tax budgets and forecasts for the business unit. (2) Removed exemption options A to E from Appendix P. (3) Removed the added fields Cell Phone Number, E-Mail Address, Tax Residence Country Code and Nationality / Citizenship from entire IT3 BRS. Make sure the IT3f certifcates are for the correct tax year Did you earn any investment income (interest, dividends etc)? Controls the production and distribution of IT3b, IT3c and IT3f certificates and bi-annual returns to the tax authorities. The certificate shows your final tax code, total income and tax deductions for the previous tax year. Assists Tax Consultants with monitoring and assessing changes to tax legislation. 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. "ITF" in banking stands for "in trust for." SARS 04/05/2015 2.0.3 Updated information from Industry Workshop held on 27 March 2015. Purpose: The prescribed SARS certificate per par. Medical Expenses It is a criminal offense to not register with both a recognized controlling body and SARS. If so, you should have received an IT3b (or more than one) from the banks, unit trusts, asset managers etc. We send P60 certificates every year to all our customers who’ve received a pension income from us. Replies to or provides input to tax queries received from SARS, and applications to SARS for PAYE, Income and Dividend tax rulings, with support from the tax consultant. The IT3(a) is an employee's tax certificate that is issued to him/her by his/her employer at the end of each tax year detailing all employer/employee related incomes, used to report earnings of employees from whom tax has not been deducted. Contributions made towards a retirement annuity are tax deductible up to a limit of 27.5% of the greater of your taxable income, no bigger than R350,000 per annum. Annual TAX run and certificate distribution Feb 2018 - Jul 2018 The management of the tax submission to SARS and the distribution of certificates to clients for the different types of certificates like IT3s, IT3b, PAYE, IT3c and IT3f for Momentum Wealth and the Momentum Collective Investment schemes. Information about Form W-4, Employee's Withholding Certificate, including recent updates, related forms and instructions on how to file.