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Warning: If you don't pay SARS by THIS Thursday, you'll be fined!

by , 25 March 2013
Public holidays may be great - but they wreak havoc with businesses. In fact, it's estimated that every public holiday costs the economy R7 billion in lost productivity. That's a huge loss. But what few business owners realise is that this week's string of Easter holidays could be detrimental to their business. Not just because of lost productivity mind you, but because of SARS...

Listen to the radio this week and you're bound to hear an urgent announcement by SARS.

It's warning business owners that because 31 March – the end of the 2012/13 fiscal year – falls on a Sunday this year (a non-working day), you need to pay your income tax to SARS before Thursday 28 March.

'Why Thursday?' you wonder.

Because Friday – which would normally be the last working day of the year – is Good Friday and a public holiday, explains the Practical Tax Loose Leaf.

Make sure you've paid your income tax before 6pm to ensure you avoid a late penalty fine from SARS

According to the SARS website: 'Taxpayers utilising the payment authorisation on the eFiling system should note that 'debit pull' payment instructions issued after 18H00 on 28 March 2013 will NOT be banked on the same day and can result in penalties and interest charges for late payments.'

Bottom line: To eliminate uncertainty and avoid any risk of late penalty fees ensure you pay your income tax payment no later than 2pm on Thursday.



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