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TAX Penalties

Posted 31 August 2015 under Tax Questions


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Micah says:
31 August 2015 at 14:58

I am ready to submit my tax return for 2015. However I see that I had a Positive balance on my tax return, I am told that it means I need to pay SARS, the Value was R 490. 00. How do I know the interest I will charged on this value. No Notification from SARS was received indicating that I owe or that it is owing to them.

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TaxTimTaxTim says:
31 August 2015 at 21:55

Once you submit your Tax Return to SARS, you will receive a Tax Assessment (ITA34) which will indicate the exact amount owing and the date it needs to be paid in order to avoid interest being charged. The assessment will also indicate the date on which interest will start accruing if the liability is not settled.


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