Provisional taxpayers, be aware that there will be no extensions to the 31 January 2011 deadline — be sure you’re ready to eFile or submit electronically through South African Revenue Service (Sars) by this date. This applies to both individuals and trusts.
“As we approach the deadline, electronic submissions and eFiling will increase, so submit sooner rather than later because there will be a huge volume of calls to the Sars call centre and you don’t want to miss the cut-off date,” warns Gavin Butchart, head of tax and accounts at Brenthurst Wealth.
Sars can now penalise you for every month your return is outstanding, so the longer you wait, the higher the penalties, which start at R250 a month for a taxable income of R250 000 a year or less. They increase steeply thereafter, depending on your assessed taxable income in the preceding tax year.
Butchart recommends eFiling because Sars has made the process very user-friendly. You can register at eFiling
“Keep your login and password safe as you’ll need this for the following years’ submissions,” Butchart advises.
If you cannot eFile, you can still visit your nearest Sars branch. Remember to take all your 2010 income tax supporting documentation with you, including:
- Proof of ID/Income tax reference number
- Employee tax certificates (IRP5/IT3(a))
- Tax certificates from investment income (IT3 (b) / IT3 (c))
- Medical aid tax certificate and any medical aid expenses paid directly by you, not submitted to your medical aid.
- Retirement annuity and pension certificates.
- Details of business travel expenses.
- Any lump-sum certificates.
- Income and expenses relating to a trade.
- Proof of banking details.
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