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Tax. The word alone sends shivers down your spine, never mind the discomfort you might feel spending just one day queuing at your nearest SARS branch.

This year, the South African Revenue Service (SARS) got the ball rolling on tax season early, with taxpayers getting their auto-assessment notices from the start of the month. The big ball officially started rolling on Friday (7 July), though.

That means, if one is not already, individuals and businesses should be getting ready to comply with new regulations and rules, per BusinessTech.

Complying with SARS’ guidelines may sometimes feel like a burden, but it is thoroughly necessary to avoid potential penalties or complications. If you’re already feeling in over your head, local tax firm Galbraith & Rushby is around to lend a helping hand, from compliance and planning to consulting on VAT, their tax experts will ensure you’re paying the right tax, in line with the latest laws. Seth swears it’s one of the reasons he maintains such a youthful complexion.

Off the bat, the tax submission deadlines for the 2023 tax season are as follows:

• Non-provisional taxpayers filing via the eFiling platform or manually:Opening: 7 July 2023 @ 20h00Closing: 23 October 2023
• Provisional taxpayers filing electronically:Opening: 7 July 2023 @ 20h00Closing: 24 January 2024
• Provisional Trusts and other juristic persons (such as boards or bodies):Opening: 7 July 2023 @ 20h00Closing: 24 January 2024
• Company tax returns:12 months from year-end

For non-provisional eFilers, payment due dates have been adjusted as follows:

• Taxpayers who are not in the auto-assessment population: Payment is due 30 days after a notice of assessment has been issued.
• Taxpayers who are auto-assessed: Payment is due 30 days after the filing season 2023 closing date.

(Non-provisional taxpayers in South Africa have straightforward tax affairs coming from a standard monthly salary and do not need to make provisional tax payments.)

If you’re a freelancer or something of the sort, AKA a provisional taxpayer, then you have a more complex tax situation to handle. That means you must make estimated tax payments during the tax year, especially if your taxable income is not being derived solely from one source of employment.

Following registration, taxpayers are required to submit an annual income tax return to SARS based on the Gazette.

“Every year, SARS announces its Tax Season, a period during which you are required to complete and submit your annual income tax return. The income tax return which should be completed by individuals is known as the ITR12 (Personal Income Tax Return),” said SARS.

SARS’ full list of tax rates can be accessed here. Then, head over here for the lowdown on where things may differ from before.

As you may well know, failure to comply with the deadlines may result in penalties imposed by SARS.

To ensure a smooth tax filing process, get Gailbraith & Rushby on the line to help you get comfy with SARS’ seemingly relentless requirements; which are, again, in a nutshell, the submission deadlines, payment due dates and specific fields for accurate income declaration.

[source:businesstech]