Tax Filing Season 2021
The 2021 filing season for individuals and trust taxpayers is well under way, with the submission deadlines fast approaching!
A reminder of the respective due dates where the SARS eFiling platform is used:
Non-provisional taxpayers: 23 November 2021
Provisional taxpayers: 31 January 2022
SARS has made its intention clear with regard to taxpayers who submit their tax returns late, having set in motion the changes required in legislation in order to impose financial penalties as well as other criminal sanctions for this and other tax related non-compliance.
Earlier this year legislation was amended to affirm that non-compliance with the requirements of the various tax Acts due to a wilful intent or simply due to negligence is a criminal offence, with the result that, among others, a taxpayer may obtain a criminal record and may even be imprisoned. Changes to regulations dealing with the imposition of financial penalties are also imminent, the administrative non-compliance penalties which can range from R250 to R16 000 per month, depending on your taxable income and which reoccur every month for up to 35-months, will be introduced from 1 December 2021.
In addition to these punitive measures the actual disclosure and reporting requirement on the 2021 tax return has become far more complex and involved than in previous tax years. The probing questions posed on the tax return, especially with regard to the cessation of tax residency, dealing in crypto-currency and crypto-assets and whether you worked from home during the national lockdown period and thereafter due to the COVID-19 pandemic’s impact on our work environment creating the ‘new normal’ of working remotely, should be answered with due care - SARS is fishing, casting their net very wide!
Contact a Tax Adviser now, for help with your tax return