There appears to be an increased focus recently by SARS in relation to tax compliance. We therefore want to highlight the below important dates again to our clients to ensure that they are always fully tax compliant. Non-compliance may lead to penalties being imposed against defaulting taxpayers, but also has wider potential implications. This includes that taxpayers may be unable to apply for a tax clearance certificate, or that SARS may be disinclined to favourably consider a request for the suspension of payment of an alleged tax debt while the taxpayer is engaged in a tax dispute with SARS.
VAT registered businesses also registered on eFiling are required to file their periodic VAT returns on the last business day of the month following the end of the relevant VAT period. Payment is due by the same day if made by EFT or through the eFiling portal.
Where manual returns are filed, payment and filing is required to be made by the 25th of the month following the VAT period.
Businesses with employees (and from whose salaries PAYE is being deducted) is required to file the relevant EMP201 return by the 7th of the month following the month in which the PAYE was deducted or if the 7th falls on a public holiday or weekend the last business day before the 7th.
Every employer who is registered for PAYE (and or UIF and/or SDL) is further also required to submit an EMP501 form bi-annually by 31 May (final period) and again by 31 October (interim period) which essentially comprises a reconciliation of attendant employees related taxes and levies.
Dividends tax returns are required to be filed by the end of the following month after the relevant dividend declaration or receipt has taken place, and payment (if applicable) is required to accompany that return on the same date.
Provisional tax returns:
For those taxpayers who are also provisional taxpayers, provisional tax returns are due after the first 6 months of the relevant year of assessment has passed, and again on the last day of that tax year. Payment is required to be made by the same dates (if applicable). While a third payment of provisional tax is not required, this may be made within 6 months after the end of the tax year (7 months, if a the yearend falls on February) to avoid interest being levied on the underestimation of provisional tax, if it transpires to be the case.
Annual income tax returns:
We again wish to remind our (non-corporate) clients that annual income tax returns for non-provisional taxpayer individuals are usually due by last week of November, while provisional taxpayers are required to submit their annual returns by the following January.
Companies are required to submit their annual income tax returns within 12 months after the end of the end of the relevant year of assessment.
We wish to draw attention that should any due date fall on a public holiday or weekend then submission and payment should take place on the last business day before that due date.
This article is a general information sheet and should not be used or relied upon as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice. Errors and omissions excepted (E&OE)