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Don't let the Easter weekend play havoc with your SARS payments this month!

by , 04 March 2013
Ah Easter. Hard to believe we're almost a quarter of the way through the year already. But keep in mind that this Easter long weekend falls over the final Friday of March and the first Monday of April - plan ahead now so you pay SARS on time and avoid penalties for late payment.

SARS has issued a reminder that all of your returns and payments due or payable to SARS by 31 March 2013 must be received by SARS by no later than Thursday, 28 March 2013.
 
That's because the Easter weekend falls between 29 March and 1 April 2013 this year.
 
And any returns and payments due must be paid to SARS by no later than the last business day before the next Saturday or public holiday.
 
If your payment doesn't reach SARS on time, you'll face penalties and/or interest for late payment.
 
Here's how to speed up your payment to SARS!
 
To speed up the process, you'll need to make sure you use the correct payment reference number or 'PRN'.
 
This way, you'll ensure that your SARS payments are easily identified and correctly allocated.
 
That's because SARS says any unreferenced or partial payments received will be allocated to the oldest debt first, on a First-In-First-Out (FIFO) basis.
 
But what if you can already see you' won't be able to get your payment to SARS on time at the end of the month?
 
Negotiate with SARS if you can't make a tax payment in time!
 
If you can't pay SARS on time, you'll need to let SARS know – the sooner the better, and preferably in person, says Rachel Paterson in the Tax Bulletin.
 
You can do this by providing SARS with 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.
 
Then you'll be able to discuss a proposal for settling your account and any late payments with a SARS official. 
 
SARS will then discuss a set period to settle the amount you owe, based on your circumstances.
 
Easy as that! Take action today to make sure you get all your SARS payments in on time this month, to avoid any unnecessary penalties for late payments.

If you did receive an assesment from SARS due to your late payment and youʼre not happy with your assessment  – lodge an
objection. Under the new Tax Admin Act you have 30 business days from date of assessment to lodge an objection. In the Practical Tax Loose Leaf we've got a dedicated chapter on SARS objections. In it you'll discover:
  • 4 Reasons why you'd object to your assessment from SARS
  • How long does SARS have to respond?
  • 4 Easy steps to lodge an objection
  • What happens if your objection is late?
  • Checklist: 5 Things your objection must contain
  • 3 Things SARS considers when it decides to accept your late objection

Get the Practical Tax Loose Leaf here...
 
 

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