Tax Season 2012 is Here; Are You Tax Compliant?

Are you ready for the 2012 Tax Season? Whether you refer to this period as the 2012 Tax Season or Tax Season 2012 does not matter. What should matter to you is the fact that the South African Revenue Service or SARS has spun the widest net and is pulling all stops to try and get everybody and his dog to come and pay their fair share..

What does this mean to you as a taxpayer? Simply put, if you haven't yet started putting your tax affairs in order before the 2012 tax season starts, you're walking where angels fear to tread, so to speak.

Still not sure what I'm getting at? Try this...

According to the Minister of Finance in a recent speech to members of Parliament, the new tax rules are going to be tougher. You could find yourself paying a huge penalty or fee by ignoring a call to declare rental income derived from a tenant.living in as shack right in your backyard just because you thought it was to low for you to include in the return. You could also be be earmarked for a tax on suspicion of tax evasion if it is deemed that you're living far beyong your means.

This are rules you don't want to ignore.

Here's another example., From 2012, if you're in the bad habit of failing to submit tax forms outright, ther's a monthly late submission penalty of R250 for each month that your taxes remain overdue. that must pay. And as sure as the sky above is blue, YOU - WILL - PAY, even if it takes a lifetime to do so..

You don't even need me to remind you that's money you could be putting to good use elsewhere, like investing in a retirement pla, for example.

And thta's not all. There's also the fact that you could also find yourself being booked as a guest of the taxman for a number of years.... behind bars.

So if you're still aiming to put your tax filing on hold until the very last hour on due date, then I strongly advice you to change your mind and start thinking like a good citizen, and get your tax affairs in order before it's too late.

Better still, get a tax pro on your corner. Not only can a tax pro save you money in taxes you might mistakenly hand over to the taxman, a tax pro knows and can become the friend you need most.to help you avoid a jail term.

So what are you waiting for? Go get those tax forms in order. The 2012 Tax Season is just around the corner.

For for more information on how to become hundred per cent tax compliant this coming tax season, talk to your tax practitioner or send us your email to andrewmolobetsi (at) yahoo.com. (Note: Replace (a) with @ before emailing).