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Warning: Meet these three tax certificate deadlines or you'll face crippling SARS penalties

by , 24 October 2014
SARS takes deadlines very seriously.

If you miss them, it will punish you with penalties ranging from 10% to 200%.

But we understand that sometimes life just gets in the way and you might forget. Unfortunately though, this kind of excuse won't fly with SARS.

That's why, even if you miss other things, never forget these three tax certificates deadlines...

 

Don't miss these three tax certificates deadlines!

 
You must give your employees theirs tax certificates within the following prescribed time periods:
 
1. For your regular employees, you must give them their certificates within 60 days of the end of the tax year (February); 
2. If the employee has left your service, this must be done within 14 days of termination of employment; and
3. If you're no longer an employer, because, for example, you close the business, you must give them their certificates within seven days of ceasing to be an employer.
 
Caution! If you don't comply with these deadlines, your employees can report you to the SARS audit team. SARS could fine you for not complying, or it could launch a full audit. Stick to the deadlines if you want to avoid this.
 
Here are three things to do just that….
 
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To ensure you give your employees their tax certificates on time, do these three things

 
1. Make a note in your calendar about when you have to give respective employees their certificates.
2. Include the date you must give your employees their certificates on their details when you hire them. Change this as your relationship with your employee changes.
3. Inform your employees of when you'll give them their certificates. This way, they can nag and remind you until you hand them over.
 
Doing these three things will help you stick to these important SARS deadlines.
 
Check out the Practical Tax Loose Lease Service for more information on your employers tax responsibilities. 
 


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