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Phil says: 9 August 2015 at 11:07 An IT3(b) form for interest from a bank, when added to the opening balance of a fixed deposit investment, does not agree with the closing balance due (I think) to the accrual provisions of Section 24J of the ITA. I have to "fudge" the entries I have made for interest received each month so that I can get the balances correct for SARS tax returns. Is there any way round this other than to make no bookkeeping entries until IT3(b) are issued after the end of the tax year. This is for a family trust of which I am the "administrative" trustee. |
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TaxTim says: 12 August 2015 at 15:53 The IT3(b) certificate from the bank should show interest received as well as accrued up to the end of the tax year. You could just record the interest in the Trust accounts once-off after the year end once you receive the IT3(b). Alternatively, you could record the interest each month based on statements from the bank and then book the accrued interest after year end once you receive the IT3(b). |
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