On the street
FSCA WARNS AGAINST XCHANGE SHARE TRACKING AND DSB BROKERS
The Financial Sector Conduct Authority (FSCA) has issued a warning against dealing with Xchange Share Tracking and Trading and DSB Brokers, which may go under the name of DSB Securities Limited. According to the FSCA, these entities are not authorised in terms of the Financial Advisory and Intermediary Services Act 2002 to offer financial advice and intermediary services.
The FSCA says the entities have claimed to be authorised to provide various money market facilities on the JSE and were soliciting money from investors under false pretences, saying that such money would be invested for their benefit.
The FSCA wants to remind consumers that they can check if a company or individual is allowed to conduct financial services with it. To check if a company or person is authorised to advise you on investing in financial products or to give you savings advice, call the FSCA toll free on
0800 110 443 or visit fsca.co.za.
TAXTIM: IMPROVE YOUR TAX HEALTH SCORE
Online tax tool TaxTim has launched a free digital tax health score, which will allow taxpayers to become more tax efficient and reduce their tax. Tax season opened on July 1 and will close on October 31 for non-provisional taxpayers.
TaxTim’s health score offers an in-depth automated analysis of an individual’s tax return and makes recommendations on how to improve tax health for maximum tax efficiency.
Marc Sevitz, co-founder and chief financial officer of TaxTim, says: “For the first time, taxpayers will have a report card reflecting where they can improve their tax affairs and maximise efficiency. This will help both taxpayers and tax practitioners who want a simple set of recommendations after completing a return.”
TaxTim’s tax health score will supply all the information needed to optimise tax deductions, minimise tax liability and maximise potential refunds to become tax efficient. It is suited to both simple and complicated tax matters for individuals. The score can be shared with a financial adviser to help people save more for retirement or other needs. TaxTim can be accessed 24 hours a day via www.taxtim.com.
SARS SCRAPS DROP BOXES
Tax season has begun, but with it comes the news that the SA Revenue Service (Sars) is ditching drop boxes for the submission of income tax returns and other paper documents in an effort to encourage taxpayers to make use of eFiling.
From this month, Sars will also no longer provide certain printed forms at its branches, including forms to register as a taxpayer (IT77C for companies and IT77TR for trusts), as a VAT vendor (VAT101) and as an employer (EMP101), as well as forms to apply for tax directives (IRP3 (a), (b), (c) and (d)).
However, Sars made assurances that all of these transactions, together with the filing of income tax returns, payments and uploading of supporting documents can be done electronically on eFiling with the support of Help-You-eFile and its contact centre for taxpayers that need help.
To accommodate this, Sars has increased the size threshold of files that it can accept – from two megabytes to five megabytes – in time for tax season. Taxpayers will still be able to visit Sars branches if they need assistance with their filing.