Have you filed your Taxes yet?

 

Time is running out for non-provisional taxpayers to submit their tax returns.

This category of taxpayers, which includes the majority of employed individuals, has until next Friday, 24 November to submit their tax returns via e-Filing.  You basically have less than one week left!

Provisional taxpayers – those individuals who have additional sources of income like rental income, investments, have until end of January 2018 to submit.

A big question is “who should file”?

SARS says that if your total salary between 1 March 2016 and 28 February 2017 was not more than R350 000, you need not file.  Provided, however, that you only had one employer.

If you had more that two employers or two income sources like rental income, late spouse income, then you need to file -even if the total amount is under R350 000.

If you don’t comply, you will be liable for penalties for the following:

  • Not submitting your tax returns
  • Not submitting tax returns on time
  • Failure to register as taxpayer if you should have

Penalties will just get bigger and bigger the longer you delay…

A few suggestions for last-minute filers if you need assistance on your tax return:

  • Call the SARS contact centre on  0800 00 7277;
  • Visit your nearest SARS branch or
  • Contact The Tax Hub at tax@sharondotjones.com