Tax dead­line may be past, but you still need to file

Weekend Argus (Saturday Edition) - - GOODWINES -

If you missed the Novem­ber 26 dead­line to file your in­come tax re­turn, you should still push ahead with com­plet­ing it as soon as you can, Johan Swart, a tax man­ager at Le­gal & Tax Ser­vices, says.

The South African Rev­enue Ser­vice (SARS) can now pe­nalise you for ev­ery month that your re­turn is out­stand­ing, so the longer you wait, the higher the penal­ties, Swart says.

The penal­ties start at R250 a month for a tax­able in­come of R250 000 a year or less. They in­crease steeply there­after, depend­ing on your as­sessed tax­able in­come in the pre­ced­ing tax year.

On its web­site, SARS also sug­gests that you file your re­turn, even if you have missed the dead­line. It says penal­ties and in­ter­est may ap­ply, be­cause “it is only fair on the ma­jor­ity of com­pli­ant tax­pay­ers, who meet their tax obli­ga­tions and con­trib­ute to­wards our coun­try’s devel­op­ment, that SARS takes tough ac­tion against non-com­pli­ant tax­pay­ers, es­pe­cially those who have con­sis­tently failed to com­ply with their tax obli­ga­tions”.

SARS says there has been a 4.25-per­cent in­crease in the num­ber of tax­pay­ers who have filed their re­turns on time.

Pro­vi­sional tax­pay­ers have un­til Jan­uary 31 next year to file their re­turns. – Laura du Preez

Newspapers in English

Newspapers from South Africa

© PressReader. All rights reserved.