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Are there penalties on incorrect information?

Posted 8 November 2012 under Tax Questions



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Hi, I mistakenly did not pick up my medical payments deducted from my salary as a 'tax perk' which therefore adds to my taxable amount. I now have to pay in more tax after I have already completed both provisional tax forms, only to discover this now when I must submit my ITR12 now in November. Are there penalties and interest involved, since the year end is Feb and it's now Nov already?

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TaxTimTaxTim says:
8 November 2012 at 17:55

Your final ITR12 tax return is only due at the latest 23 November 2012. SARS only opens tax filing season in July after the tax year has closed which is February. However as you are provisional taxpayer your ITR12 returns are only due on 31 January 2013 and as long as you have submitted by then you will not incur any penalties or interest!


Zane says:
9 November 2012 at 15:52

Hi,

Regarding this question:

What I really am enquiring about is whether I would have to pay penalties on the unpaid amount
calculated on the sarsefiling calculator application (after my provisional forms and ITR12 have already been completed and submitted)? The way they calculated my tax liability differed from what I calculated and it seems to reflect about a R2600 tax difference.

Thanks!


TaxTimTaxTim says:
11 November 2012 at 22:44

You won't have to pay penalties on any amount unpaid as long as your returns are up to date and filed by the deadline. The provisional tax calculations are only based on an estimated taxable income and in fact there is a 10% leeway as the estimate must be within 90% of the previous years income. So as long as SARS are happy with that you would be fine and no penalties or interest would be levied.

If you are a salaried employee then your tax has already been paid regarding your salary and that would include the medical aid amounts. All this is taken into account in your IRP5 and PAYE amounts. The salary calculator doesn't take into account the provisional payments, you will only see that once you have submitted and been assessed so you should be entitled to refund actually.


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