General Information
TAX RELATED INFORMATION
The tax deadlines for the 2015 tax year: Manual tax submissions are no longer possible, all returns are submitted via SARS e-filing. Tax filing season begins on 1 July 2015 and deadlines are as follows: * Individuals & Trusts – Non-provisional taxpayers = 26 November 2015
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NEW PENALTY POLICY IMPLEMENTED BY SARS:
SARS implemented its new penalty policy on 23 November 2009 which will mean harsher penalties being imposed for late submission of all tax returns, including dormant returns and for individuals and entities with assessed losses. The penalty structure will be imposed on a sliding scale based on the taxable income of the taxpayer. The penalty will now be charged per month after the due date for submission of the return and not once off as in the past. The schedule of penalties is as follows:
1 - Item | 2 - Assessed loss or taxable income for preceding year | 3 - Penalty |
(i) | Assessed Loss | R250 |
(ii) | R0 - R250 000 | R250 |
(iii) | R250 001 - R500 000 | R500 |
(iii) | R500 001 - R1 000 000 | R1000 |
(iv) | R1 000 001 - R5 000 000 | R2000 |
(v) | R5 000 001 - R10 000 000 | R4000 |
(vi) | R10 000 001 - R50 000 000 | R8000 |
(vii) | R50 000 001 and Above | R16000 |
NEW PROVISIONAL TAX SYSTEM IMPLEMENTED BY SARS: SARS changed the payment process for the payment of provisional tax as from 2009 and has changed the regulations again for the 2010 tax year. The use of actual figures for the second provisional tax will mainly affect taxpayers with a taxable income of R1million. Should you have any further queries in this regard please do not hesitate to contact us. We will contact all clients falling in this category to obtain the necessary information. |