As ignorance of the law is no excuse, and as we truly have our clients’ best interests at heart, we deem it necessary to highlight some important provisions of and amendments to our tax law.
In light of this, we published an article on the penalty system in the second newsletter of 2010. This dealt with the implications of late and non-rendition tax returns and other non-compliances of the Income Tax Act. The penalty system is working efficiently and thousands of penalties have been imposed by SARS, as well as the issuing of Agent Appointment Letters (IT88A) requesting employers to recover penalties from employees’ salaries. These penalties are a serious concern and should not be ignored by employers.
As the filing season for the 2011/2012 Employees’ Tax Reconciliation will open soon, employers need to ensure that they have the correct versions of documents. An important document that needs to be updated is the E@syfile document. Instructions as to how to do this can be found on the SARS website. It is important that you make back-ups of all your information before you update this document – this is because E@syfile is not a web-based programme, so the only copy of your information that you have is on your hard drive. It is imperative that you back-up your information regularly, as all your information can be lost if your hard drive is stolen or your computer malfunctions.
Please contact Christa Marais or Corné Moss at 021 8401600 or respectively firstname.lastname@example.org or email@example.com should you need any assistance, either with completion of your own reconciliation or should you wish for us to submit a cost estimate to handle this task on your behalf.