This week, SARS has sent out out notices to directors who have not submitted their private company’s tax returns, threatening them with criminal action. In this case, remedial action has to be taken immediately.
How the process works.
Submitting your tax returns isn’t as easy as registering a profile and submitting your returns. Before access can be gained to the eFiling tax profile, the company has to have a registered public officer. Click here to read more about public officers. Only once a public officer is appointed, can it be determined which returns are outstanding and whether there are admin penalties payable.
Important to remember when submitting your tax returns.
If your company has traded, it is important that financial statements have been compiled for the financial year in question. These financial statements have to include an income statement, balance sheet, statement of accrued income and cash flow statement. The information on the financial statements will then be used to submit the tax returns.
If you need assistance to submit your returns, simply click on the link below. Or click here if you have more questions.
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