You should file them immediately or you will likely suffer penalties.
And if I haven’t filed, what happens?
If you don’t submit your tax returns at all, or on time, you may be liable for penalties. And they will just get bigger and bigger the more you delay.
How much are the penalties?
Most penalties are in the range of R250 to R2 000 per month per return. However, it can reach R16 000 per month if you earn in the millions per annum. The penalty can be applicable for each month a return is outstanding.
So what can I do?
You should speaks to a tax practitioner immediately, or speak to SARS because you can make an arrangement to pay.
Unfortunately, SARS most likely won’t remove your penalty where a return should have been submitted and wasn’t submitted on time.
Have all your supporting documents ready, and please submit as honestly as possible,or you may risk further penalties.
It is also worth noting that SARS not only charges a penalty for non-submission or late submission of your income tax return, but there are also penalties if you have failed to register as a taxpayer when you should have.
And if you just completely ignore this?
This is a HUGE error. SARS can appoint an agent such as your bank and instruct them to deduct whatever is owed to them. They can also obtain an order of the court and ask an employer to deduct a certain amount from the taxpayer’s salary until all the penalties are paid.
If you need assistance, contact Andre Nel Financial Management and Wellness.