We are half way through the individual tax filing season, and with more than 2.3 million filed tax returns, we have until 21 November 2014 to submit, if you are not a provisional tax payer. If you submit your Income Tax Return (ITR12) after the deadline you are liable for an administrative penalty for non-compliance.
The penalty amount imposed depends on a taxpayers’ taxable income and ranges from R250 up to R16 000 per month for each month that your return is outstanding. And if you don’t pay the penalty the law allows SARS to deduct the penalty from your salary or bank account.
Contact us for additional assistance.