A DTR01 form must be submitted to the South African Revenue Service (SARS) by taxpayers liable for dividends tax. Dividends tax is charged on dividends forwarded by South African firms or foreign businesses covered on the Johannesburg Stock Exchange (JSE) to their shareholders. In addition, a dividend tax is set at 20 percent of the dividend figure unless a lower rate or an exemption comes in. The person who pays the dividend (the company or the regulated intermediary) is responsible for withholding and paying the dividend tax to SARS on behalf of the beneficial owner of the dividend.
Generally, the DTR01 is a declaration of the dividends tax transaction, showing the details of the dividend payer, the dividend recipient, the dividend amount, the tax rate, and the tax payable. The DTR01 must be submitted and paid by the last business day of the month after the dividend was paid. Remember, the DTR01 can be submitted and paid electronically via eFiling, a free, convenient, and secure online service SARS provides.
How do I submit a DTR01?
To submit a DTR01 on eFiling, do these steps:
- Register on the SARS website for eFiling with your tax number, bank details, and contact info.
- Log in to eFiling with username and password.
- Go to “Returns” and choose “Returns Issued”.
- Pick “DTR01 Dividends Tax Transaction Information”.
- A wizard will ask you questions to make your DTR01 form. Give information like transaction period, dividend type, entity, recipient, amount, tax rate, and tax payable.
- Check and submit the DTR01 form.
- Get a confirmation and receipt number. View or print the form.
- Pay the DTR01 amount on “Payments” with PRN. Or use “Payment Advice” to pay at a bank or EFT.
What is a DTR01 SARS?
So, you’ve got some dividends, and you’re in South Africa. You’ll need to fill out a form called DTR01 SARS. This is for taxpayers who must pay dividends tax, a 20% tax on dividends paid by South African companies or foreign companies listed on the JSE. The company or regulated intermediary that pays the dividend is responsible for withholding this tax and paying it to SARS on behalf of the beneficial owner of the dividend.
The DTR01 SARS form is a declaration of the dividends tax transaction. It features info like who’s discharging the dividend, who’s getting it, how much it is, the tariff rate, and the tariff payable. This document must be forwarded and cleared by the last working day of the month after the dividend is cleared. You can do this electronically via eFiling, a free, convenient, and secure online service SARS provides.
Filling out the DTR01 SARS form is important. It helps ensure taxpayers comply with the dividends tax laws and regulations and that the government collects revenue. It also allows SARS to monitor taxpayers’ dividends, tax obligations, and contributions and issue tax certificates
What is the difference between DTR01 and DTR02?
DTR01 and DTR02 are SARS forms for dividends tax. They have some differences, such as:
- DTR01 declares the dividends tax transaction, and DTR02 reports the (dividends) tax liability.
- DTR01 has the details of the payer, recipient, amount, rate, and payable, and DTR02 has the summary of the withheld and paid adjustments and due or refundable.
- DTR01 is due by the last business day of the next month, and DTR02 is due by the 25th of the next month.
- DTR01 can be eFiled or done at SARS, DTR02 can be eFiled or manual.
DTR01 and DTR02 ensure compliance and revenue. They also help SARS check and issue certificates and reconciliations.
How do I figure out how much dividend I got?
So, you’ve got some dividends and wonder how much you’ve received. Below is how you can tell it:
First, take a look at your tax certificate (IRP3). This is issued by the company or the regulated intermediary that paid you the dividend. It’ll show you the dividend amount, the tax rate, and the tax withheld for each payment you received during the assessment year.
You can also check your bank or investment account statements to see the dividend payments deposited into your account.
Another way is to use the dividend yield formula. This handy little equation can help you estimate the dividend amount you received based on the share price and the company’s dividend per share. The formula is:
dividend yield = dividend per share/share price
Find the dividend per share and the stock price of the company that distributed the dividend using this formula. Financial statements, the company’s website, or the annual report typically have this data. Finding the share price and dividend per share of different firms also becomes hassle-free using Internet sources.
Getting the dividend figure is as straightforward as multiplying the dividend per share and the share value by the share numbers you have. Picture the scenario of business XYZ, where 100 shares were possessed and which, at the end of the year, had a share value of R50.00 and cleared a dividend of R1.50 per share. When you fix the dividend yield into the computation, you find:
dividend yield = 1.50 / 50.00 = 0.03 or 3%
dividend amount = 1.50 * 100 = R150.00
And there you have it! That’s how you can determine how much dividend you got.