Whether you pay tax for your business, as an individual or both, it’s all too easy to miss important submission deadlines – and this can result in hefty penalties. To make life simpler, we’ve outlined all the key SARS tax dates.
PROVISIONAL TAX
Individuals who earn income other than fixed monthly salaries and all businesses are required to pay provisional tax.
Provisional taxpayers need to make two payments – one during mid tax season, and one at the end of tax season. They can also make a voluntary third payment if the amounts paid during tax season were insufficient.
IMPORTANT TAX DATES FOR PROVISIONAL TAX PAYERS
| Description | Submission date | Required form |
| First payment | Within six months of the start of the year of assessment | IRP6 |
| Second payment | On or before the last working day of the financial year | IRP6 |
| Voluntary third payment | On or before 30 September | IRP6 |
| Annual tax return | On or before 31 January of the following year | ITR12 |
IMPORTANT TAX DATES FOR BUSINESSES
| Description | Submission date | Required form |
| Payment declaration (for businesses that pay PAYE, SDL, UIF and/or receive ETI) | 7th day of the following month or the Friday before this if the 7th falls on a weekend or public holiday | EMP201 |
| VAT Vendor Declaration Form | Manual submission: by the 25th of each monthElectronic submission: by the last business day of each month | VAT201 |
| Employee tax certificates | After April 1st of the relevant year | IRP5/IT3(a) |
| Employer reconciliation declaration (annual) for the full year 1 March to 28/29 February. | Between 1 April and 31 May | EMP501 |
| Tax certificate cancellation declaration (annual) for the full year 1 March to 28/29 February. | By 31 May | EMP601 |
| First payment of corporate income tax | Within six months from the beginning of the year of assessment | N/A |
| First submission of payment advice for turnover tax with first payment (for micro-businesses) | The last business day of August | TT02 |
| Employer reconciliation declaration (interim) for period 1 March to 31 August | Between 1 September and 31 October | EMP501 |
| Tax certificate cancellation declaration (interim) for period 1 March to 31 August | By 31 October | EMP601 |
| Second submission of payment advice for turnover tax with second payment (for micro-businesses) | The last business day of February | TT02 |
| Second payment of corporate income tax | On or before the last day of the year of assessment | N/A |
| Turnover tax return (for micro-businesses) | After the end of the tax year | TT03 |
| Final payment of turnover tax (for micro-businesses) | After the annual Turnover Tax Return has been submitted and processed | N/A |
| Third payment of corporate income tax | Seven months after the year of assessment for taxpayers with February year-end/ six months after year of assessment for all others | N/A |
| Return of income (for companies and close corporations) | Within 12 months from the date on which the company’s financial year ends | ITR14 |
NON-PROVISIONAL TAX
Tax season for non-provisional tax payers runs from July to November, with taxpayers making their contributions to SARS monthly via PAYE that’s automatically deducted from their salaries. Non-provisional taxpayers are required to submit only one tax return (ITR12) each year.
NEED A LOAN TO PAY TAXES?
If your business is suffering from cash-flow problems and you need to pay your taxes to avoid significant legal penalties, a short-term asset-based loan from Lamna may be the solution.
With this type of loan, you use a personal asset of value as collateral. Once you’ve repaid the loan and agreed interest, your asset is returned to you in the same condition you left it.
At Lamna, we offer fast, discreet loans against the value of a wide range of assets, from vehicles to luxury watches, jewellery and artwork. For more information about using an asset to secure a short-term loan, contact us on 086 111 2866 or simply complete and submit our online application form.