Opening of third party data submission period and an updated IT3 third party data system
Third parties (banks, medical schemes, fund administrators etc.) are required, by law, to send information or data to SARS via a return. This means that a bank, for example, must provide information to SARS pertaining to the interest paid on savings in a taxpayer’s accounts. Medical Schemes are also required to send information on the total contributions made by individuals, expenses not covered by the Medical Aid as well as the number of dependants.
The period for the submission of data relating to the 1 March 2021 – 31 August 2021 period by these parties, opened on 01 September 2021 and will close on 31 October 2021.
SARS’ trade testing platform was open from 1 September to 17 September, to allow users to test files. From 20 September users will be able to submit the data to SARS.
The data types as listed below have to be submitted to SARS, based on the requirements as set out in the applicable Business Requirement Specification (“BRS”) relating to that data type.
- Automatic Exchange of Information (FATCA & CRS), based on the requirements set out in the BRS which can be accessed here;
- IT3 (b, c, e, s), based on the requirements set out in the BRS which can be accessed here;
- Medical scheme contributions, based on the requirements set out in the BRS which can be accessed here; and
- Insurance payments, based on the requirements set out in the BRS which can be accessed here.
SARS has specifically issued an alert noting that they are implementing the recently released updated version of the IT3 BRS, as referred to above, during this period. SARS have also indicated that the IT3 third party data system is being continuously modernised. An updated external guide issued by SARS to include the IT3 third party data system modernisation can be accessed here.
17/09/2021