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You have less than a week to meet two SARS eFiling tax deadlines!

by , 28 January 2013
Two important tax deadlines are looming for eFilers this week. The first is for provisional tax payers using eFiling; the second is for eFiling tax payers to pay SARS any outstanding assessed tax. But what can you do if you don't have enough in the bank to pay SARS? There are five steps to follow.

Two important SARS tax deadlines fall on 31 January and 28 February for eFilers.
 
The first deadline is for provisional tax payers to submit their 2012 income tax returns through eFiling.
 
Provisional tax payers receive an income other than a salary.
 
The second deadline is for the payment of outstanding assessed tax by tax payers who filed their returns on eFiling.
 
The tax return filing deadline was 23 November last year.
 
'As part of the range of incentives to use eFiling, tax payers are given until 31 January to make payment on an assessed tax liability, irrespective of when they submitted their tax returns,' SARS is reported as saying on Fin24.
 
This gives you up to seven months interest-free to make the payment, depending on when you submitted your tax return. But if you do so, remember there are still penalties to face. " Failure to make payment by 31 January 2013 will trigger back-dated interest," explained Bizcommunity.
 
So what should you do if you still can't afford to pay SARS?
 
Don't just sit there and hope SARS won't notice. There are five steps to take, as suggested by Rachel Paterson in the Tax Bulletin.
 
Five steps to follow when you can't pay SARS
 
Step #1: Don't forget your tax return

Submitting your tax return is separate to paying SARS and comes with its own offences. So if you haven't submitted your provisional tax return yet, make time to do so before 28 February!
 
Step #2: Provide a detailed explanation of your circumstances

Set out the circumstances, in writing, explaining why you can't pay the amount you owe SARS and propose how you'll be able to settle the amount. Take this written explanation with you when you visit SARS.
 
Step #3: Provide SARS with up-to-date financials

Prepare a statement of your income and expenditure, and an up-to-date statement of your assets and liabilities.
 
Step #4: Get your paperwork in order

Make a copy of your latest bank statement and take it along when you visit SARS.
 
Step #5: Negotiate with SARS

Go to the SARS client office in person and take your bank statement along with you. This will prove you don't have enough cash in hand to pay SARS the amount you owe.
 
When you meet with SARS, explain your situation and submit your circumstances in writing, together with your statements of income and expenditure, assets and liabilities, and latest bank statements.
 
Discuss your proposal for settling your account with the SARS official. SARS will then discuss a set period to settle the amount you owe, based on your circumstances.
 
Follow these steps if you don't have enough in your bank account to pay SARS and you should be able to reach a compromise. It's better than hiding your head in the sand and hoping SARS won't notice!

To stay on top of all the tax deadline dates in 2013 simply sign-up to receive the daily Tax bulletin newsletter!

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