What would happen if your employer were to make an incorrect declaration of your earnings, be it accidentally or on purpose? Employers are dependent on the accurate and timely processing of their remuneration packages on a monthly basis. Employers who are unable to meet these expectations are likely to be branded as “bad” employers and will not only have unhappy staff, but result in compliance issues emanating from The South African Revenue Service (SARS).
Employees are required to submit their income tax returns on an annual basis. This year, those who are required to submit income tax returns are those who meet the below, new criteria, which were announced on the 1st of July 2019, when the Tax season was launched:
DO I NEED TO PAY INCOME TAX?
Pay Solutions have smart tips which will assist with your Income Tax Return
Tax Season, you need to submit an ITR12 (which is your Income Tax Return) so we can calculate your tax on your income and the tax-deductible expenses for the assessment year (1 March 2014 – 28 February 2015), which may, in some cases, result in a refund.
Individual Tax Season runs from July to November, however, provisional taxpayers who submit via SARS eFiling have until January 2016.
Individual taxpayers, who submitted their returns manually or by post, had to do so by 30 September this year, non-provisional taxpayers who submit at a Sars branch have until 27 November 2015.
This is also the deadline for taxpayers who do not pay provisional tax. Provisional taxpayers have until 29 January.
To make the filing process easier over 14 000 Sars officials have been deployed at various strategic points throughout the country. About 21 temporary service points have been be set up to help people submit their returns.
Does this apply to you? company cars retail market value principal that came into effect on the 1st March 2015. Pay Solutions strive to always put our clients first by delivering the best payroll advice and service. An important part of the service offered is to keep up to date at ALL times on legislation changes.
company cars retail market value principal
SARS TAX CERTIFICATE SUBMISSIONS
The employer tax certificate season for February 2015 closed on 29 May 2015. As usual most employers managed to submit without any hick-ups, whilst others faced a few perplexing issues. Overall e@syfile performed well and the majority of employers submitted well within the allocated time frame.
The Individual Filing Season has now kicked off and employees should start submitting their tax returns now – particularly if a refund is due!!
Remember that the Individual Tax Season runs from July to November every year. For provisional taxpayers who submit via eFiling, it runs until January of the next year.