Thanks to Lawrence for pointing out a small but vital error in my last The correction is to the very first line where I said that the opening of is correct that the return is only due by 31 January: if you miss that deadline SARS is entitled to charge penalties. However, if you owe any tax, SARS can start charging interest from 1 October. So, if you anticipate a liability and want to avoid the interest, then even though the return can be delayed, you must make a payment by 30 September. This is the monster previously known as the "topping up payment". There is a proposal that this situation will start to apply to everyone (currently it only applies to provisional taxpayers) and in fact, the change is even in the law and has been for a while. But the lawmakers, in their wisdom, made it subject to an announcement of the starting date by the minister of finance, and as far as I am aware, Pravin hasn't bothered to do that yet. |
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