SARS is gleefully warming up for the approaching provisional tax deadline at the end of February 2012.

SARS knows that there are a lot of taxpayers out there who are GOING to make mistakes this provisional tax season.

Some won’t even make the deadline.

Others will get hopelessly lost in the quagmire of rules, procedures, forms and calculations.

SARS is waiting for these taxpayers to fall. Because when they do, it’ll slap them with penalties and interest charges!

Hand in your provisional return late – even 1 minute late – and you’ll be paying SARS an administrative penalty of up to R4 000! And this penalty amount doubles after thirty days… Plus interest.

Pay SARS the due tax late, and you’ll owe it 10% of the penalty amounts. Oh, and don’t believe for one second that SARS will listen to your excuses… Pay now, argue later, it says.

Are you a provisional taxpayer?

 Provisional taxpayers are:

• Individuals who earn income from a source other than a formal job.
• Individuals who earn interest on investments (over R20 000 in value), or income from renting properties or running a private business (e.g. home-based nail salon).
• Companies.

With the help of tax experts who’ve helped countless clients make it through the provisional tax season in one piece, if you need assistance in working out and submitting your provisional tax Click Here.

Carrie-Anne Diniz

CentsAccountability

Source: Tax Bulletin – For more tax and VAT tips from some of SA’s top tax experts.

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