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CityPress - - Business - COM­PILED BY AN­GELIQUE RUZICKA

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.

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