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2012 tax season opens on Sunday 1 July 2012

14 June 2012   (0 Comments)
Posted by: SAIT Technical
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By SAIT Technical

2012 tax season opens on Sunday 1 July 2012. As from this date, taxpayers can begin to submit their Income Tax Returns to SARS.

 

Deadlines

Manual submission (via post or at a SARS branch) 28 September 2012

Electronic submission at a SARS branch 23 November 2012

Electronically via eFiling (non-provisional taxpayers) 23 November 2012

Electronically via eFiling (provisional taxpayers) 31 January 2012

 

Useful information and resources

Click here for instructions on submitting your ITR12 via eFiling

Click here for instructions on filing your ITR12 electronically at a SARS branch

Click here for 2012 source codes

For more resources, click here

 

Penalties

SARS urges taxpayers to submit their returns before the deadlines. If you submit your return after the deadline, you will face an administrative penalty of at least R250 per month that your return is outstanding.

SARS is imposing penalties on taxpayers who do not submit their ITR12 returns and/or have failed to update their personal details with SARS within the stipulated time frame. SARS also exercises its right in terms of section 99 of the Income Tax Act 58 of 1962 to appoint agents to collect the outstanding penalty and interest amounts on behalf of the taxpayer and pay it over to SARS.

 

The phasing out of SITE

1 March 2011 saw the start of the phasing out of Standard Income Tax on Employees (SITE). SITE taxpayers will now be required to submit an Income Tax Return (ITR12) as of the 2012 year of assessment onwards. 

To find out whether you are required to submit a tax return this year, click here.




WHY REGISTER WITH SAIT?

Section 240A of the Tax Administration Act, 2011 (as amended) requires that all tax practitioners register with a recognized controlling body before 1 July 2013. It is a criminal offense to not register with both a recognized controlling body and SARS.

MINIMUM REQUIREMENTS TO REGISTER

The Act requires that a minimum academic and practical requirments be set to register with a controlling body. Click here for the minimum requirements of SAIT.

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