With the 2024 income tax deadline nearing, it is important to seek professional advice from a registered tax practitioner, advises Mr. Viljoen, CEO of CTV & Associates. A registered tax practitioner will be able to provide expert guidance on the allowable deductions to help you maximize your tax refund.
Avoiding Administrative Penalties
Missing the income tax deadline will have costly consequences and it is important to note that SARS will impose administrative penalties if you do not submit your income tax return on time. Administrative penalties are being imposed monthly according to the tax bracket a taxpayer falls in.
It is not uncommon for taxpayers to unknowingly accrue huge amounts of penalties due to late- or non-filing of income tax returns. To avoid this, we recommend that you request a Tax Clearance PIN every year after submission to ensure that you are compliant with SARS regulations.
Checking your SARS Compliance
If you have outstanding returns, unsure about your compliance status or are not aware of any returns submitted, it’s time to take action! Do the right thing by contacting CTV & Associates (www.ctv-tax.co.za) so that we can do a thorough compliance check with SARS.
We’ll ensure that you meet all obligations before the income tax deadline! Don’t let penalties impact your finances unnecessarily.
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