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A scope on income tax for companies and individuals

A scope on income tax for companies and individuals

The tax season for individuals is drawing near, and due to the submission influx at the start of the season, SARS has started early with their notifications.

The 2023 tax return filing dates are outlined for individuals who:

  • File online – 1 July to 24 October 2023.
  • Cannot file online – book an appointment and visit your nearest SARS branch.
  • Are provisional taxpayers who file online – from 1 July 2023 to 23 January 2024.

SARS will communicate via SMS reminding eFilers that the tax season is at hand and prompt them to reset passwords or call SARS for assistance should they need help logging in via the eFiling system. Individuals must be mindful of filing their 2023 SARS tax return, as penalties for late tax return submissions are levied monthly for recurring admin penalty fees until you are compliant.

Verification of the compliance of company income tax is becoming a very detailed request from SARS, and companies need to ensure they disclose the correct information. With the Tax Compliance Status (TCS) system, taxpayers can authorise a third party to verify their compliance status by using an electronic access pin to verify the taxpayer’s compliance status online via SARS eFiling.

Whether you are an individual or corporate taxpayer, you are required to:

  1. Lodge a return
  2. Declare your income
  3. Claim your tax deductions
  4. Keep records of your expenses

At PRN, our tax experts have the in-depth industry knowledge to advise you and help with tax returns to ensure that you avoid penalties associated with errors and non-compliance. Contact us today for personalised assistance to confirm a frustration-free tax season.

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