Register shows that the volume of corporate income tax
entities, trusts, employers and Vat
vendors all decreased from 2011 to 2012, says iAfrica.com
So if you're a taxpayer, SARS has its eye on you.
If you haven't yet submitted or started working on your provisional tax return
, best you start right this minute.
Act now to get your provisional tax return to SARS on time – the clock is ticking!
The deadline to submit your provisional tax return
is 28 February.
If you hand in your provisional tax return
late – even one minute late – you'll be paying SARS
an administrative penalty of up to R4 000! And this penalty amount doubles after 30 days, with interest, says the Tax Bulletin
And errors mean double penalties – one for the error, and one for not following the rules.
So if you pay SARS
the due tax
late, you'll also owe it 10% of the penalty amount upfront, as SARS argues
that you have to 'pay now, argue later'.
And if you do ask SARS to consider suspending payment of a disputed debt, it will look at your compliance history.
So if you've made a late payment or submission of any tax returns before, SARS isn't likely to be lenient on you in future.
That's why you have to get your provisional tax return
in on time!
Here's what you'll need to do:
The first step is to open your provisional tax return
(IRP6 form) on SARS
's eFiling site.
Don't open yourself up to more penalties by forgetting to fill in the estimate of how much you owe SARS!
Once you've checked your personal details that are pre-populated on the IRP6 form, you'll need to estimate how much you owe SARS.
This is the most important step.
'If a person fails to submit such an estimate, the person will be liable for another penalty for non-submission of an estimate,' explains
Piet Nel, SAICA's Project Director: Tax
SARS' website will then automatically calculate the total amount you owe SARS and pre-populate this on your IRP6 form.
Once complete, you'll receive a message confirming that your provisional tax
return has been filed, says the Tax Bulletin
It won't take long – just get the relevant forms together, log into eFiling and you'll soon be able to breathe easy that you've submitted your provisional tax return
Make sure you make the 28 February Provisional tax deadline
- complete your Provisional Tax Return
in 7 easy steps. Find out more here...
PS. We recommend you check out: Provisional Tax 101
. It gives you the step-by-step advice you need to estimate, calculate and pay over your provisional tax
correctly - yourself!