We all know that dreaded feeling that comes about with the beginning of Tax season. Most of us tend to put off having to fill out our tax returns until the very last opportunity we have, thereby thinking we have given ourselves some more time to deal with the feeling of complete boredom that seems to come with it, and allowing ourselves to find all the information we actually need to fill in the forms effectively.
With the tax season now coming to an end however, everyone will need to finalize all of their plans and get the work done in order to get their returns in on time without having to pay unnecessary penalty fees.
The South African Tax season as dictated by SARS has been set to start at the beginning of July 2014, and will run until January 30, depending on your Taxpayer status, the type of return you are filing, and your tax bracket or business status. If you are planning on filing via SARS’s e-Filing system, you will have until 21 November to get your return filed.
Anyone who falls under the ‘Provisional Taxpayer’ bracket, which consists of individuals who receive remuneration under a certain amount per annum, have until January 30th to file. Anyone looking to file a physical return, who is considered a regular tax payer within the regular bracket should have their return filed with SARS before Friday September 26th.
A return of Income should be filed for companies (closed corporations, etc) within 12 months from the end of the financial year (which 2014 ended on the 28th of February. It is important to note for anyone filing a return that SARS has recently increased stringency on late returns, meaning that you will be fined more if you do not submit the return on time. Anyone who earns under R250 000 per annum and does not have any other expenses to declare also does not have to file a return, unless they want to claim for certain expenses, such as car allowances, medical aid and rental income.
No comments:
Post a Comment