Monthly Deadlines
1. VAT Returns (VAT201)
Due Date: 25th of each month (manual submissions), last business day of the month (e-Filing)
Penalty for Non-Compliance: Penalties and interest on late payments; up to 200% of the VAT owed.
2. Employees' Tax (PAYE, UIF, SDL)
Due Date: 7th of each month
Penalty for Non-Compliance: 10% penalty on late payments plus interest on the amount due.
Bi-Annual Deadlines
1. Interim Reconciliation (EMP501)
Due Date: 31st May
Penalty for Non-Compliance: Penalties for incorrect or late submissions.
2. Annual Reconciliation (EMP501)
Due Date: 31st October
Penalty for Non-Compliance: Penalties for incorrect or late submissions.
Annual Deadlines
1. Provisional Tax (IRP6)
First Period — Due Date: 31st August
Second Period —Due Date: 28th/29th February
Third Period (Optional, if needed) — Due Date: 30th September (following the end of the tax year)
Penalty for Non-Compliance: 10% penalty on late payments and interest on outstanding amounts.
2. Annual Income Tax Return for Individuals (ITR12)
Due Date:
Non-Provisional Taxpayers: 31st October (manual submissions), 15th November (e-Filing)
Provisional Taxpayers: 31st January (following the end of the tax year)
Penalty for Non-Compliance: Administrative penalties ranging from R250 to R16,000 per month depending on taxable income and duration of non-compliance.
3. Annual Income Tax Return for Companies (ITR14)
Due Date: 12 months from the end of the financial year
Penalty for Non-Compliance: Administrative penalties ranging from R250 to R16,000 per month depending on taxable income and duration of non-compliance.
Additional Key Deadlines
1. Dividend Tax Returns (DTR02)
Due Date: Last day of the month following the month in which the dividend was paid
Penalty for Non-Compliance: Penalties and interest on late payments.
2. Tax Clearance Certificate Renewals
Due Date: As needed, but generally renewed annually
Penalty for Non-Compliance: Difficulty in securing government contracts and tenders.
Summary of Penalties for Non-Compliance
Late Submission Penalties: R250 to R16,000 per month for individuals and companies.
Late Payment Penalties: Generally, 10% of the outstanding tax due plus interest.
Understatement Penalties: Varies based on behaviour (e.g., substantial understatement, reasonable care not taken, gross negligence, or intentional tax evasion).
Adhering to the tax compliance calendar avoids penalties and maintains good standing with the South African Revenue Service (SARS). Businesses and individuals should ensure timely submissions and payments and can use tools like SARS e-Filing to streamline the process.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.