What does SARS code 3825 mean?

What does SARS code 3825 mean?

Provident Fund Company Contribution
IRP5 code 3825 refers to the perk that calculates when an employee has a Provident Fund Company Contribution, IRP5 code 4473. The Provident fund cannot have a Perk if the Company Contribution amounts are zero. This usually happens when adjustments were made to the Provident fund contributions during the year.

What is SARS code 3810?

Code 4005 is the amount that is contributed towards the medical aid by the employee and code 4474 are the contributions by the employer. The amount reflected under code 4474 should be equal to the amount reflected under code 3810, which is the fringe benefit for the employer contributions.

What is tax clearance IRAS?

IRAS Processes Your Tax Clearance. IRAS Determines Your Tax Liability. Employer Receives Clearance Directive. Employee Receives the Tax Bill (Notice of Assessment) and Statement of Account. Pay Your Tax.

How do you read a statement of accounts in an IRA?

You can view and print your Statement of Account (SOA) online by following the steps:

  1. Log in to myTax.iras.gov.sg with your Singpass .
  2. Select ‘Account’.
  3. Select ‘View Account Summary’.
  4. To view your tax account details, click on ‘View Details’.
  5. Scroll to Statement of Account, click on ‘Download’.

What is a SARS source code?

A source code is a four digit identifier / number that SARS uses to capture information on the income tax return. It will usually appear alongside the amount it relates to. Source codes that might appear on your IRP5 are listed below.

What is an operating lease SARS?

An “operating lease” means a lease of movable property concluded by a lessor in the ordinary course of a business (excluding a banking, financial services or insurance business) of letting such property, provided certain requirements, which are discussed below, are met.

What is the purpose of tax clearance?

Before entering a new contract or a continuing contract with the Government, its Department, Agencies and Instrumentalities, one of the requirements is to submit a Tax Clearance Certificate (TCC) from the Bureau of Internal Revenue (BIR) to prove full and timely payment of taxes, and compliance with tax laws.

What is Statement account?

A statement of accounts is a document that reflects all transactions that took place between you and a particular customer for a given period of time. Generally business owners send statements of accounts to their customers to let them know how much they owe for sales that took place on credit during that period.

What is the meaning of IRAs?

Individual Retirement Account
Word forms: IRAs An IRA is a type of savings account where the money you put in and the interest you earn is not taxable until you retire. IRA is an abbreviation for ‘Individual Retirement Account.

What is 1250L tax code?

If your tax code was 1250L, it means your allowance was £12,500. It is given to you in equal portions throughout the year, so that by the end of the tax year you have received your full allowance. For example, if you are paid weekly, your allowance is equivalent to £240 per week.

Is SARS Source code 3915 taxable?

Use 3915 from 2012 tax year. Gross non-taxable income Amounts under codes 3602/3652, 3703/3753, 3714/3764, 3815/3865, 3908, 3922, 3821/3871 and 3822/3872 (excluded from taxable income).

How are leases treated for tax purposes?

For tax purposes, an operating lease will be treated as a true lease, with the lessor maintaining ownership of the asset and depreciation deductions, while the lessee has deductions related to rental payments.

What is my tax clearance number?

When we issue your Tax Clearance Certificate, we will also give you a Tax Clearance Access Number (TCAN). You can give this access number, along with your Personal Public Service Number (PPSN) or Tax Reference Number, to anyone who needs to verify your Tax Clearance Certificate.

Why do we need tax clearance?

The clearance certificates are required by Industry for a number of reasons: the leasing of a property, emigration and government tenders. Government uses the tax clearance certificate system as a mechanism to determine the compliance culture of individuals and organisations.