The 1st of July marked the official beginning of the 2012 tax season, and whether you are a salaried employee, a partner in a business or a sole member the tax season should be one of your top financial priorities at this time of year.
A successfully filed tax return which has been assessed by your financial advisor and a tax practitioner will ensure that you pay sufficient tax without losing any of the deductions you are entitled to, and will also mean that your track record with SARS remains 100% clean. Here is some useful information about the 2012 tax season:
- SARS has announced that over 12 million taxpayers have registered this tax season, although many of these may fall below the R60 000 per year income tax threshold.
- The government has set a collection target of R820 billion for SARS this year, a sizeable amount that SARS is confident of collecting.
- This tax season SARS is launching a number of digital filing options including an eFiling app for tablets, a mobi site for cell phone users and a new and improved eFiling process on the SARS website.
- Tax payers should file their returns within the next 5 months, depending on the type of tax they pay, to ensure compliance with the tax laws.
Meeting your tax deadline in 2012
To avoid penalties and to prevent a last-minute rush, all taxpayers should file their returns well in advance. As you meet with your tax practitioner or plan to eFile your own returns, keep the following deadlines in mind:
- 28th September 2012 – This is the deadline for manual tax returns which are posted or delivered in person to a SARS office
- 23 November 2012 – This is the deadline for electronically filed tax returns of non-provisional taxpayers
- 31 January 2013 – This is the deadline for electronically filed tax returns of provisional taxpayers