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2023 INCOME TAX SEASON – OPENS 7 JULY 2023
SUBMISSION DEADLINES OF 2023 INCOME TAX RETURN
The deadlines for the submission of the 2023 Income tax returns have been published in the Government Gazette No. 2130 dated 14 June 2023, and are as follows:
Electronic submission of Individual - non-provisional taxpayers | 23 October 2023 at 7pm
Electronic submission of Individual – provisional taxpayers | 24 January 2024 at 7pm
Electronic submission of Trust’s tax returns | 23 October 2023 at 7pm
Electronic submission of Companies/Close Corporations tax returns | 12 months from year end
SARS “AUTO-ASSESSMENTS’
SARS will once again be issuing “auto-assessments” to a significant number of individuals this year, with this process commencing between 1 July 2023 and 7 July 2023. Taxpayers, who are selected for “auto-assessments” will be contacted by SARS via SMS/e-mail. The taxpayer may then either accept the “auto-assessment” or file a tax return to edit the “auto-assessment”.
If you do not agree with the SARS auto assessment, you must file a income tax by 23 October 2023 at 7pm to amend the tax declaration for the year.
INDIVIDUAL TAXPAYERS - NEW PENALTY RULE
An Administrative Penalty (Admin Penalty) is a penalty levied under Section 210 of the Tax Administration Act (TAA). The Act prescribes the various types of non-compliance which are subject to fixed administrative penalties.
Currently the penalty is imposed in respect of individuals for the following types of non-compliances:
- Once-off administrative penalties for –
- Taxpayers that were selected for auto assessment but failed to accept, decline or edit and then file their and
- All provisional and non-provisional taxpayers that were not auto assessed and submitted a return after the deadline date.
- Recurring administrative penalties for –
- This type of penalty will be imposed where the taxpayer has failed to submit a return as and when required under the Income Tax Act for years of assessment commencing on or after 1 March 2006 and where that person has two or more outstanding income tax returns for such years of assessment; The penalty will be levied for every month the return(s) remains outstanding for a maximum of 35 months.
The administrative non-compliance penalty for either the failure to submit a return, or late submission of a return comprises fixed amount penalties based on a taxpayer’s taxable income and can range from R250 up to R16 000 per month for each month that the non-compliance continues.
REQUIRED INFORMATION FOR THE YEAR 1 MARCH 2022 to 28 FEBRUARY 2023
In order to facilitate us in the completion of your income tax return we require certain information such as:
- IRP5 Certificates
- IT3(b) and (c) Certificates
- Vehicle logbook for the year: 1 March 2022 to 28 February 2023
- Medical Aid Tax Certificate
- Invoice and Receipts for Medical expenses not paid by medical aid
- Donations S18A certificates
- Retirement Contributions Tax Certificates
- Rental and/ or other Business activity income and expenses
- Disposals of fixed property or investments during the year
The above list is not comprehensive, and additional information may be required based on your unique tax affairs. Kindly forward the information as soon as you are able to, to the manager responsible for your portfolio at SDK or to tax@sdkca.co.za, to reduce the risk any late submission penalties.
PLEASE TAKE NOTE
- If you are a provisional taxpayer and do not remit your third top up payment to cover your 2023 tax liability by 30 September 2023 interest will be imposed from 1 October onwards until date of payment.
- If any of your details have changed during the past year, such as address, bank account etc. kindly include the new details when providing your current tax information.
Should you require further clarification, please do not hesitate to contact us at tax@sdkca.co.za.
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