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How much will you pay SARS this year?
Tax Bulletin | 14 July, 2010 | Hot Topics:
In this bulletin:
- SARS brandishes a new stick…
- How to tell if you’re in trouble
- Deadlines for tax return submission 2010
Dear Reader,
Last week, I told you how SARS is going to enforce its tax collections this year, and it’s reason enough to get your tax affairs in order and pay up on time!
SARS brandishes a new stick…
In case you haven’t heard, individual tax season opened on 1 July 2010. Request your tax returns from SARS, if you haven’t already received the form (the ITRR) in the post. And start completing it. The sooner you submit your return, the sooner SARS can process it, and generate your refund…
Taxpayers who fail to meet their tax obligations will feel it where it hurts — in their bank accounts, thanks to the system of penalties that SARS phased in late last year. Let’s look at the penalties:
Schedule of Penalties:
| Assessed loss or taxable income for preceding year | Penalty |
| Assessed loss |
R250 |
| R0 – R250 000 |
R250 |
| R250 001 – R500 000 |
R500 |
| R500 001 – R1000 000 | R1 000 |
| R1 000 001 – R5 000 000 | R2 000 |
| R5 000 001 – R10 000 000 | R4 000 |
| R10 000 001 – R50 000 000 | R8 000 |
| Above R50 000 000 | R16 000 |
How to tell if you’re in trouble…
You’ll get an ITP34 notice (a Penalty Assessment Notice), and then you have 30 days to comply with the notice (that is, pay up the penalty amount). Every month, the penalty amount increases by the same amount, and so it snowballs. Eventually, SARS will draw the line, and it’ll dip straight into your bank account — with, or without your approval! After all, failure to comply is a criminal offence.
To help you avoid deadline crunch, check out the deadlines below.
But it’s not only the SARS auditors who’re on the prowl…The labour inspectors are also on the hunt for employer errors to pounce on…
Deadlines for tax return submission 2010
The following deadlines will apply to Tax Season 2010:
- The deadline for postal submissions (paper tax returns) for provisional and non-provisional taxpayers is the last working day of September – 30 September 2010.
- The deadline for electronic submissions through SARS branches and eFiling for non-provisional taxpayers and trusts is 26 November 2010.
- The deadline for electronic submissions through SARS branches and eFiling for provisional taxpayers and trusts is the last working day of January – 31 January 2011.
Pass this news on to friends, family and employees today! In fact, use the links at the bottom of this email, to pass the news on with one click of your mouse!
Until next time
Fulvia Becatti
Managing Editor: Practical Tax Loose Leaf & Practical Vat Loose Leaf
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Editors note
Fulvia Stoltz
Tax Bulletin Editor
The Tax Bulletin is packed full of tax tips, commentary on changes to the tax landscape and is also an interactive tax forum which aims to help you efficiently manage your taxes and avoid all the traps. It is also a handy reminder of the deadlines which taxpayers have to meet.
