If you missed the November 26 deadline |to file your income tax return, you should still push ahead with completing it as soon as you can, Johan Swart, a tax manager at Legal & Tax Services, says.
The South African Revenue Service (SARS) can now penalise you for every month that your return is outstanding, so the longer you wait, the higher the penalties, Swart says.
The penalties 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.
On its website, SARS also suggests that you file your return, even if you have missed the deadline. It says penalties and interest may apply, because "it is only fair on the majority of compliant taxpayers, who meet their tax obligations and contribute towards our country's development, that SARS takes tough action against non-compliant taxpayers, especially those who have consistently failed to comply with their tax obligations".
SARS says there has been a 4.25-percent increase in the number of taxpayers who have filed their returns on time.
Provisional taxpayers have until January 31 next year to file their returns.