HAS THE BANK REQUESTED YOU FOR AN IT34?
An IT34 also known as an ITA34 is the SARS income tax assessment issued immediately after you have submitted your income tax return to SARS.
In essence, it is a summary of your Annual Income, Expenditure, Assets as well as Liabilities.
You can view an example of an ITA34 by clicking here.
Sars issues mainly two types of ITA34’s namely:
- An individual ITA34 as well as
- A company ITA34.
When applying for a vehicle or home loan, you must make sure that you know which one the bank is looking for.
We have included a link below to both types to enable you to spot the difference.
- To view an example of an Individual ITA34 please click here.
- To view an example of a company ITA34C, click here.
We can also assist you in obtaining yours if you fill in our online application quotation form.
SO WHY DOES THE BANK NEED IT?
The banks prefer an IT34 as opposed to Financial Statements because essentially, an IT34 is a simplified version of your financial statements.
Furthermore, the banks trust the financial figures given on the ITA34 more than the financial statements because they know that they are not overstated.
SO HOW DO YOU GET AN IT34?
In order to obtain one, one has to submit an income tax return.
In order to submit an income tax return, one has to be registered with SARS.
And, if your business makes more than R1 million, then a set of Annual Financial Statements might be required by SARS in order to support the submission.
You should also be careful not to just go to SARS to obtain a historical IT34 that might be reflecting nil returns.
If your ITA34 shows zeros, you might as well as forget about that mortgage, credit card or motor vehicle finance.
Banks will not trust an ITA34 that reflects zero whereas there were funds that were coming into your personal or business bank account.
We can assist you with your ITA34 application requirements.
To obtain a speedy ITA34, fill in the online application form to get a quotation.
You may also visit our offices at No 41 Brand Road, President Park, Midrand, Johannesburg or call us directly on 011 568 9784.
WE ALSO PROVIDE THE FOLLOWING ADDITIONAL ACCOUNTING SERVICES:
- Management Accounts
- Personal Balance Sheet
- Payslips or Accountant’s letter of confirmation of earnings
- Audited Financial Statements
- Shareholder’s or Share Certificate
- Business or Personal Credit Reports
Please note, that when applying for a vehicle or home loan finance, it is better for all the above documents to be talking to each other. We can assist you in synchronizing financially all your application documents for success with that home loan application.