Tax submission deadline looms

By Staff Writer

If you’re one of the millions of South Africans planning to file an electronic income tax return this year, time is running out for you. It is best not to miss the looming deadline of 25 November since SARS is imposing increasingly tough penalties on taxpayers that submit late returns.

If you were planning to submit a hard copy tax return, you have already missed the deadline for paper-based returns. Luckily, registering for eFiling with SARS is so quick and easy that this need not be a big problem.

Do bear in mind that it will take about 48 hours for your tax return to be made available online, so don’t wait until the last minute to register. If you are not familiar with the site, it might take you a while to familiarise yourself with it and complete the tax return correctly.

Even if you are already registered with eFiling, don’t delay filing your return.  Judging by previous years, there’s a good chance that the eFiling Website may collapse under the weight of last-minute submissions, leaving you unable to file before the deadline lapses.

You can also submit your tax return with a SARS branch office up until the 25 November deadline.

If you are planning to use this alternative, the importance of handing in your tax return as soon as possible cannot be stressed enough. The lines at the SARS offices during filing season are daunting.

If you are uncertain about how to fill in your tax return, need help applying for an extension or have any other questions, try to meet up with a tax advisor or financial planner as soon as possible.

Remember, it’s best to do things right the first time to avoid potential penalties or the inconvenience of an audit.

Recent Articles

Featured Rating agencies may come knocking

It is only the middle of February, but the rand has already made two big moves. The first was the rand moving from R14.60 to R 13.20 at the beginning of the year, as emerging markets (EM) became fashionable again. The second was where the rand gave away nearly 90 cents in 2 weeks as the EM rally ran out of steam, and local events started to hit the headlines.

Read more

The cost of sending money home to neighbouring countries

Transferring money home within the Southern African Development Community (SADC) provides vital financial support for many households in neighbouring countries.

Read more

Student bank accounts: Which come out on top?

Being a student signals budgeting and not having a lot of money at your disposal. This means streamlining expenses such as your grocery costs and entertainment budget. But what if your bank account is in fact costing you more than you can afford?

Read more

Can you afford an ambulance in South Africa?

When a loved one is straddling the line between life and death, you won’t hesitate to call an ambulance. This week, Justmoney found out how much an ambulance ride costs in South Africa, whether you can refuse to get into an ambulance, and who pays the bill if you’re unconscious. 

Read more

Sign Up

To our weekly newsletter for advice you can bank on

Deals

President Hotel Easter Special

Price: From R1,500
When: 15 March to 30 April
Where: Cape Town

Kulula-Preskil Island Resort Special

Price: R16,999
When: 11 May -14 September
Where: Mauritius

A Touch Of Madness Tuck In Tuesday Special

Price: R70
When: Tuesdays
Where: Cape Town