tax

Tax Season Deadline!

We all know that we have to pay our dues to the state for keeping the country running. In South Africa, money is needed for social services like transport, education, international security, national security, healthcare and welfare.

Tax Season closes for all non-provisional taxpayers on 22 November 2013 and if you haven’t yet submitted your Income Tax Return (ITR12), it would be best to see it through as soon as possible.

If you submit your Income Tax Return (ITR12) after the deadline you are liable for an administrative penalty for non-compliance. The penalty amount imposed depends on a taxpayer’s taxable income and ranges from R250 up to R16 000 per month for each month that your return is outstanding. And if you don’t pay the penalty the law allows SARS to deduct the penalty from your salary or bank account.

You are liable to pay income tax if you earn more than R63 556 in the 2013 year of assessment, and are younger than 65 years of age. If you are 65 years of age or older, the tax threshold (i.e. the amount above which income tax becomes payable) increases to R99 056. For taxpayers aged 75 years and older, this threshold is R110 889.

Luckily there is someone that can help. SARS will only allow you to do your taxes through a recognized registered tax practitioner like Precedo Accountants. Precedo offers excellent accounting and tax services. They can help you with all the necessary arrangements and help you to get your tax done on time. For more information contact 014 533 2161.

Get your tax done before it is too late and save yourself from all the trouble.

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