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2014 tax season is in full swing! Here's why you should submit your Income Tax Return on time

by , 01 July 2014
Today marks the start of the 2014 tax-filing season for individual taxpayers.

This means you have now until 21 November 2014 to complete and submit your Income Tax Return (ITR12) to SARS.

If you fail to submit an accurate tax return on time, you'll face these consequences...

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Here are the implications of failing to submit your 2014 Income Tax Return on time

Experts behind the Practical Tax Loose Leaf Service explain that under the Tax Admin Act (TAA), if you don't pay your taxes on time you'll face penalties of up to 200%.

The penalties range from:

  • Fixed amount administrative/non-compliance penalties;
  • Percentage based penalties;
  • Understatement penalties; and
  • Criminal penalties.

These penalties are very serious.

A fixed amount administrative/non-compliance penalty, for example, means SARS will impose a penalty on a monthly basis for every month the return remains outstanding for up to 35 months (if your address is valid) or 47 months (if your address with SARS is invalid).

But the scariest penalty is the criminal one.

It means SARS will prosecute you for your non-compliance and you could end up in prison.

To find out more about these penalties, check out Tax Returns Made Simple: How to Complete Your Own Tax Return eBook.

So here's the bottom line: SARS is taking a very hard-line approach to dealing with non-compliant and lax taxpayers and have made this decidedly clear in the TAA. Make sure you file your 2014 tax return before the November 21 deadline.

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