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Tax Calendar for individuals and Businesses

Tiaan LubbeUncategorized1 commentJune 5, 2017

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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.

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1 comment. Leave new

Bablofil
June 10, 2017 8:09 pm

Thanks, great article.

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