I’m sure this thought has crossed your mind before: ‘what if my employer submits the wrong IRP5 data to SARS?’ Because if the wrong information is submitted, you could be held liable, not SARS. Make sure your SARS eFiling of income tax is correct in every aspect.
Individual income tax filing season is almost wrapped up with the deadline for submissions on your doorstep (30 September 2017). It is critical your IRP5 data is correct! SARS encourages individuals to double-check their IRP5 on their tax return, because even though your employer provides the data, it is the taxpayer’s responsibility to declare the correct income and deductions. And ultimately, your tax affairs are your responsibility, not your employer’s or SARS’.Get Tax Help Here
If you fail to submit a tax return, inform SARS of an address change or fail to comply with any other requirements you will suffer administrative penalties. Penalties will be imposed for every month you fail to comply.
So if you see some of the information on your IRP5 is incorrect, correct it on your form via eFiling, and notify your employer of the change. Your declaration will be used to check against your employer’s submitted data to ensure your employer has in fact made the correct declarations.
Provisional and non-provisional taxpayers should submit their income tax returns by closing of 30 September 2017.
The deadline for eFiling Income Tax submissions (other than provisional taxpayers) is 26 November 2017.
The deadline for the submission of annual tax returns of provisional taxpayers via eFiling is 31 January 2018.
It is absolutely imperative that the correct IRP5 data is given to SARS if you want to avoid serious penalties. You have until 30 September to ensure your employers has in fact put in the right data onto your IRP5.
For any queries regarding this matter, please contact Tax Relax. This tax consultancy will put the relax back in tax.
SARS EFiling Income Tax