You know what they say, the early bird catches the worm, especially when filling your tax return.
The tax submission deadline for individuals is 3 weeks earlier this year and closes on 31 October 2018. A shorter filing season allows additional time for SARS, taxpayers and the tax fraternity to deal with return verifications before most taxpayers go on the December holiday. However, all tax payers, whether individuals, business or provisional taxpayers, are affected by late submission.
SARS has been known to be very strict when it comes to submission deadlines for all taxpayers and won’t hesitate to penalise anyone. That’s why we want to encourage all our clients to file their tax returns on time. Here are a few simple reasons why you need to file your tax return earlier rather than later:
- Tax refunds: If you have a tax refund due, SARS will withhold your tax refund if there is any outstanding supporting documentation, therefore delaying your tax refund.
- Avoiding penalties: Late submissions attract penalties so file your return early.
- Ensuring a smooth process: With the submission of your tax return, SARS may have queries or request supporting documentation, so submit your return early to ensure a smooth process.
If you would like the assistance of Asibale and our taxation expertise to file you tax return this Tax season, don’t hesitate to contact us.
Yours in accounting,
Ryan Fundaro
