Can ask for assistance with overdue tax return?(Sold stocks at EE and cant figure out how to fill it in income tax form)

[siskin]

Hi, first timer with all this. Your help would be gladly appreciated.

I've missed the return for tax year 2023 I'm trying to understand how to correctly indicate I sold 2 stocks(at loss for both) in the income tax form option.



Tax certificate on EE USD

Here are my questions:

Question 1: How do I upload EE USD Tax Statement - IT3(C)? Cant find the section for this? Or this is done on their side?

Question 2:

It when I refresh the ITR12 data it pick up the my 2023 TFSA contribution and a foreign contribution(guessing EE USD stocks) with the options for filling in "Statement of Local Assets and Liabilities"

Not sure what I need to fill in here?

Not sure what I to fill in ? Purchase cost or Sales cost?Do I leave liabilities empty?

Question3: Do I select the option "Select the "receive any other income (excluding amounts received/accrued as a beneficiary of a trust(s)"? In a youtube vid it states that where you stock sales but that also confusing with additional options?

Yes or No?



Not sure if I need to select anything here?

Thank you for your help. Sorry for being useless lol

 

[imalamb]

@siskin You're not required to submit any supporting documentation, unless you've been selected for verification by SARS. You'll have to submit your tax return before SARS can select the return for verification.

With regards to the statement of assets and liabilities, it's basically a statement of financial position for an individual. You list all your assets and liabilities.
For assets such as your house, you can reflect it at cost plus any capital improvements incurred and for investments in shares you reflect it at the market value as at 28 February 2023, also include your bank balances on that date. [The last date of the tax year of assessment].
Liabilities are mortgage loans, finance loans,etc. Incurred to acquire these assets.

The IT3(c) should automatically pull through to your yax return, as EE is required to submit it to SARS on your behalf.

Based on the IT3(c) , you incurred a capital loss. So for the last question you indicate yes that you incurred a capital gain/loss when disposing of your foreign investments.

I hope that helps.