Time is running out to submit your tax return

If a person who is required to submit a return does not do so by the deadlines indicated in the SARS notice, a monthly penalty of a minimum of R250 per month, that particular return is outstanding, may be charged.

If you’ve earned an income greater than R250 000 for the tax year (March 1, 2013, to February 28, 2014,) you are required to submit a completed and signed income tax return to SARS.

This is, however, not applicable if you earned under R250 000 for the full tax year from one employer (that’s your total salary income before tax), you have no other sources of additional income (interest or rental income) and you have no deductions that you want to claim (medical expenses, travel or retirement annuities).

For some, and especially business owners, filing a tax return is not always a straightforward task as it involves a lot of paper work and takes more time and effort than most think.

Yet, those who are clued up and tax savvy are well aware that things don’t have to be like this.

Returns that are filed early are also usually processed fast, which means if you’re owed money by SARS you’ll get it quicker.

Missing the November 21 deadline will lead to non-compliance penalties for each month that your return is outstanding — SARS may deduct these penalties from your salary/income or bank account.

There are also various ways to submit your income tax return.

You can:

* Submit your submission online via eFiling or via your mobile device using the SARS app

* Submit your return manually by going into a SARS branch and requesting assistance from a SARS consultant

The due date for tax returns submitted via post, or delivered to SARS, was September 30.

The abovementioned submissions to SARS are the only venues for submission currently available to ensure that penalties for late submission are not levied by SARS.

For more information visit your nearest SARS branch or call the SARS Contact Centre on 0800 00 SARS (7277).

Alternatively visit www.sars.gov.za