2023 INDIVIDUAL TAX SEASON NOTICE – DON’T BE LATE
Written by Emily Gomes on 26 June 2023. Info source: sars.gov.za and taxassist.co.za
The 2023 Tax Season will open on 7 July 2023 and close on 23 October 2023. The tax season for Provisional taxpayers including Trusts will only close on 24 January 2024. Companies have exactly 1 year from their financial year end to file a return (i.e., February financial year end needs to be file before 28 February 2024).
SARS will do auto-assessments again this year based on the information that were supplied to them. Please note: Taxpayers who accepted the auto-assessment last year were unable to make changes or dispute their return! SARS has indicated that chronic adjustments after accepting the auto assessments could lead to fines or administrative penalties.
Are You Required to Submit Your Tax Return?
Yes, anyone who earns income during the year is legally required to submit annual income tax return (ITR12) to SARS, declare all their income for the year and claim deductions on their taxes.
If you are under the tax limit, you are still required to submit a tax return, but no amount will be due to SARS.
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- If you are under 65 years of age, the tax limit for 2023 is R95,700.00 total income for the year (about R7,975.00 per month).
- For persons aged 65 to 74, the tax limit is R148,200.00 total income for the year (about R12,350.00 per month).
- And for persons 75 years and older, the tax limit is R165,680.00 total income for the year (about R13,806.00 per month).
If you pay PAYE on your salary, by submitting your income tax return you could earn a refund from SARS and save some money. (Advice – having a medical aid and paying a retirement annuity/pension fund assists with higher rebates and a higher chance of receiving a refund)
Tax Penalties
As of December 2022, SARS changed the way they penalise taxpayers for not submitting their tax returns or submitting them late.
They used to charge a flat rate penalty for missing the tax return deadline, but after December, they now charge penalties that recur every month the return is outstanding. This has greatly affected taxpayers who did not submit their returns in time.
Be sure to submit your 2023 tax return before the deadline to prevent unnecessary penalties from SARS.
Tax Season can be stressful so let us take the stress off you and submit and check your returns for you!
2023 INDIVIDUAL TAX SEASON SPECIALS
TAX SEASON SPECIAL
15% Off
SIMPLE TAX RETURNS: R1,000.00 Now R850.00 – Save R150.00
COMPLEX TAX RETURNS: From R1,150.00 Now R1,000.00 – Save R150.00
Simple tax returns comprise of an IRP5, Medical Aid and Retirement Annuity/Pension Fund.
Complex tax returns will need to be quoted on a case by case basis. Additional deductions charged at R350.00 each, with the special applied, only R305.00 each.
Special ends at 4pm on 4 August 2023. (Return needs to be submitted before the special end date)
2x TAX RETURN BUNDLE
20% Off
R2,000.00 Now R1,600.00 – Save R400.00
Perfect for couples wanting to get their tax returns sorted for the year and save some bucks!
Only applies to simple tax returns (IRP5, Medical Aid and Retirement Annuity/Pension Fund)
Complex tax returns will need to be quoted on a case by case basis.
Special ends at 4pm on 4 August 2023. (Returns need to be submitted before the special end date)
Contact us at The Tax Shop Alberton to assist you with your tax returns and save were you can!
Emily Gomes (ICB Senior Bookkeeper)
Senior Bookkeeper
Emily obtained a Senior Bookkeeping National Certificate with ICB and has relevant experience. She has experience in digital marketing design and social media marketing.