The recent budget brought with it many surprises, one of which was no income tax increases across the board.
In 2008/2009 SARS implemented penalties on late submission of income tax returns in accordance with the following table. These penalties accrue each month until the tax returns are submitted.
Up until now, these penalties have been raised for taxpayers with multiple submissions outstanding. With the need for SARS to find additional sources of funds, this could well change. It is therefore becoming more and more important to adhere to tax regulations, including tax submission deadlines.
The following guidelines will help increase the quality of completion of tax submissions, reduce the completion time and ultimately save money in fees:
1. Send your tax documents in at least 2 working months prior to the submission deadline;
2. Ensure you have all relevant documents before sending these in – scattered submissions of information are often confusing, lead to document loss and take more time to complete;
3. Respond timeously to any queries received
Because of the seasonal demands for our services we have found it necessary to introduce a “first in, first out” queuing system. This means that in order to avoid penalties for late submission, you should attempt to provide us with ALL your tax information well in advance of the due date.
We are here to help, so feel free to contact your relevant practitioner should you have any queries regarding the above or the upcoming tax season.
