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NewsUncategorisedNavigating Tax Deadlines: Your Essential Guide for the Year Ahead

Navigating Tax Deadlines: Your Essential Guide for the Year Ahead

Tax compliance is a crucial aspect of financial responsibility for individuals and businesses alike. To help you stay on track with your tax obligations, we’ve compiled a comprehensive guide outlining the key filing dates for different taxpayer segments.

Individuals

Filing Season: For non-provisional taxpayers, the filing season typically spans from July to November. However, provisional taxpayers have until the end of January to file via eFiling.

Provisional Tax: Individuals are required to file and pay provisional tax (IRP6’s) by specific deadlines:

– 31st August (1st period)

– 28th February (2nd period)

– 30th September (3rd period)

Employers (PAYE)

Businesses mandated to register for PAYE should adhere to the following schedule:

– Monthly: Submission of EMP201 must occur by the 7th of the following month, or the Friday before if the 7th falls on a weekend or public holiday.

– Interim: The Interim Employers Filing Season for EMP501 reconciliations is scheduled from 1st September to 31st October for the period between 1st March to 31st August.

– Annual: The annual Employers Filing Season runs from 1st April to 31st May for the period between 1st March to 28th February.

Companies

Filing Season: Companies, CC’s, Co‐operatives, and Body Corporates must submit their Return of Income (ITR14) within 12 months from the date their financial year ends.

Provisional Tax: Companies are obligated to file and pay provisional tax (IRP6’s) by the following deadlines:

– 6 months after year-end (1st period)

– At financial year-end (2nd period)

– Six months after financial year-end (3rd period)

Vendors

VAT

– Manual: Submission of VAT201 and payment should be completed by the 25th of each month. Note that each vendor might follow a different VAT cycle.

– Electronic (eFiling): Submission and payment of VAT201 must be done by the last business day of the month.

Small Business

Small businesses falling under the categories of CCs or Co-operatives should align with the schedules outlined above.

Turnover Tax

Taxpayers under the turnover tax system should follow the specified deadlines relevant to their tax obligations.

At THE GLASS CASLTE we understand the complexities of tax filing. We’re here to assist and ensure a smooth submission process for all taxpayers. Visit www.theglasscastle.co.za for guidance, support, and expert assistance with your tax submissions.

Stay proactive and mark these essential dates on your calendar to streamline your tax responsibilities for the upcoming year. Remember, timely compliance keeps your financial affairs in order and minimizes any potential penalties or inconveniences.



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