ACT On-Line is a secure on line Tax Return filing and payment portal powered by Infotax, who in turn is an official service provider appointed by the South-African Revenue Service. ACT On-Line is an electronic filing and payment portal enabling Taxpayers to submit and pay various taxes online such as:
VAT Returns / IRP6 Returns /EMP201 returns / Diesel Refunds.
WHAT IS E-FILING?
The business objective of this initiative is to establish an integrated environment consisting of External Service Providers, Financial Institutions, Electronic Filers and SARS core applications to facilitate the Electronic Submission of tax returns and payments.
It is foreseen that this initiative will pave the way for SARS to embark on the transition towards becoming an E-Commerce enabled business.
WHO SHOULD USE ACT ON-LINE?
Individuals - Small Business TAX Agents / Practitioner / Farmers Corporate / ContractorsOR anyone that has to submit TAX forms.
WHAT ARE THE BENEFITS OF USING ACT ON-LINE?
24-7-365 portal for submissions and payments toSARS
Full trace history of all submissions and payments 00ast minute00 submissions and payments Extended deadlines on VAT payments Paperless Payments through EFTHOW TO REGISTER?
Log on to the domain >
R15,00
Transaction cost for payment 00R15,00 Submission fee as per return 00R25,00 Tax Directives 00 R20,00 WHAT SERVICES ARE AVAILABLE ON ACT ON-LINE?It allows you to submit:
VAT Returns Emp201 Returns IRP6 Returns Tax DirectivesPlus it allows you to pay these taxes. Furthermore the user will have an online portal to query or retrieve details on any submissions and payments that have been previously submitted through ACT On-Line.
HOW DO I USE ACT ON-LINE TO SUBMIT RETURNS AFTER YOU HAVE REGISTERED?
You will be notified via e-mail if any tax submissions are due. Once you have received this notification, you can log into the ACT On-Line system with your account number and password by selecting the login button.
Select the appropriate tax submission link on the menu to submit the required tax. If you are logging on as a tax practitioner you will be requested to supply the relevant taxpayers tax type number or account number to continue.
You will be presented with a list of all submissions. Already submitted submissions can be viewed from here, previously saved submissions can be updated, and new submissions can be entered by selecting the appropriate tax period.
Please note that you can save an incomplete submission and submit it to SARS at a later stage.
HOW DO I SUBMIT PAYMENTS?
Log in with your account number and password to ACT On-Line. Select the payment link on the menu to submit your tax payment. If you are logging in as a tax practitioner you will be requested to supply the relevant taxpayers account number to continue.
Please supply your banking details for this payment.
You will be presented with a list of all outstanding payments. Select the appropriate payments and enter the payment amounts. If no payment amount is supplied the full payment will be deducted. You are also allowed to future-date your payments as long as the payment date falls within the required payment date set by SARS.
On submission of your payment, your payment request will be forwarded to your banking institution and will be processed on the requested payment date.
You are also allowed to enter arbitrary payments (instalments and assessments) by selecting the appropriate button on the payment screen.
Select the manual payments button to capture any cheques, debit order, or cash payments made to SARS. This is for your own record keeping and will not be forwarded to any bank or SARS.
WHY SHOULD I USE ACT ON-LINE AND E-FILING?It is a convenient cheap option to use for filling in tax forms and paying tax. You can manage your tax from home or the office. You can also keep history of all transactions, which you can access and use in future. SARS will announce more benefits shortly, should you use E-Filing to submit and manage your TAX Returns.
WHO WILL HAVE ACCESS TO MY INFORMATION AT ACT ON-LINE
All transactions are kept in a secure environment. We use encryption algorithms to protect the data. The actual Returns and payments will only be used by SARS, Pillar and your bank.
What I do best is share my enthusiasm.
BILL GATES
May 2002
Latest month Previous month CPI: Main March 6.6(*7.6) 6.1 CPI: Core March 7.3(*8.1) 6.9 CPIX: March 8.0(*8.8) 7.6 PPI: March 14.1(*14.3) 13.2 M3: March 17.9 19.2 Private Sector Credit Extension (PSCE): March 13.1 12.6 Trade: March R5.2 bn R4.3 bn Reserves: January R87 bn R85 bn Forward exchange over: January $2.9 bn $4.8 bn* Figures for April 2002 to be released during this coming week.
THE RAND: TO WHAT LEVELS?
The appreciation of the Rand continued during last week (from R10.18/$ to R9.96/$). Despite its negative effect on resources, the steady gold price and strong increases in financial and industrial share prices , contributed to the ALSI reaching another record high of 11581. The stronger gold price, weaker dollar, illiquid markets and renewed interest in emerging economies characterize this current strong movement of the Rand. On the capital market bond rates (R153 and R150) improved to levels of less than 11.80%.
The question now arises to what levels can the Rand improve? Economic theory suggests two measurements that can be used as a rule of thumb. The most common measure stays the use of inflation differentials between currencies, or the so call purchasing power parity theory (PPP). This means that if the inflation rate in the US is 1% and in South Africa 7%, the Rand should appreciate by at least 6% per year. The following graph shows the actual movement between the Rand and the dollar and PP since 1980. 1980 is used as base year, given the year that the Rand started to free float.
THE CHAMPION00/font>S CREEDI AM NOT judged by the number of times I fail, but by the number of times I succeed. And the number of times I succeed is in direct proportion to the number of times I can fail and keep trying!
TOM HOPKINS
The graph clearly shows that especially since 1997, starting with the East Asian financial crisis, the Rand has become quiet undervalued. According to the index the Rand still has room to move to levels of around R7.90/$.
The second theory, namely the Dornbush sticky price theory (1976) again also calculated an index which also includes other fundamental factors, namely interest rate differentials, money supply growth, international credit ratings, etc. According to this index the Rand can appreciate to levels as low as R8.50/$. Therefore the market may surprise all and continues to strengthen.
During this coming week the inflation figures for April will be released. It is expected that all three inflation measures will continue to increase. Main inflation is expected to have increase to 7.6% (6.6% in March), inflation X to 8.7% (8.0% in March and production prices to 14.3% (14.1% in March). All three these indicators will show that despite the current stronger Rand, the changes still stay good that the Reserve bank will increase the repo rate by the end of June
Prof Chris Harmse
CONTACT DETAILS PRETORIA Villieria Tel: + 27 12 329 0133
Fax: + 27 12 329 0120
E-Mail: act.acc@mweb.co.za
Wapadrand: Tel: + 27 12 807 0123Fax: + 27 12 807 0559
E-Mail: act@actsol.co.za
MIDDELBURG Tel: + 27 13 243 4392Fax: + 27 13 243 0062
E-Mail: martin@actsol.co.za
PIETERSBURG Tel: + 27 15 259 6145/9Fax: +27 15 295 6289
E-Mail: frantes@mweb.co.za
PHALABORWA Tel: + 27 15 781 0275Fax: +27 15 295 6289
E-Mail: frontes@xsinet.co.za
SANDTON SQUARE Tel: 083 468 3737E-Mail: albert@actsol.co.za
