Tax Guide 2025 – Important Notice

As you are aware, the 2025 tax year came to an end on 28 February 2025 and we will soon be requiring all your relevant information to complete and submit your 2025- IT12/IT14 income tax returns.

The 2025 tax year runs from 1 March 2024 to 28 February 2025.

SARS have recently implemented a new deadline policy for tax returns that is impossible to meet. To be able to meet those deadlines we would have to do all our work in a 4-month period. Clearly that’s impossible. As such it is most likely that an administration late filing penalty will be levied on one or more of your returns during the year. Fortunately, the penalties are not large unless you ARE several years behind, so we will do our best to manage the situation as best we can. In nearly all cases it is better to have MORE time to carefully plan your affairs, WHICH will result in savings substantially more than the small administrative penalty they may raise. We cannot be held responsible for any of these penalties but will do our best to ensure the situation is managed as appropriately as possible.

SARS has indicated that no further extension will be granted after the middle of October for individual taxpayers and trusts and only in select instances will additional extensions be granted for Close Corporations and Companies until December 2025.

It is VITAL that your financial information is submitted to us in sufficient time to enable us to finalize your tax and accounting affairs AS SOON AS POSSIBLE. Accordingly, we require ALL your information AS SOON AS POSSIBLE but by no later than 31 July this year. Please note we must adopt a first-in-first policy as regards work received. Clients that deliver information LATE or INCOMPLETE must accept that we will be meeting our obligations to those clients that have delivered on time and complete FIRST.

Please note the onus for submission of returns to the South African Revenue Services rests with you the taxpayer and please remember that each Trust, Company or Close Corporation is a SEPARATE TAXPAYER AND SEPARATE RETURNS NEED TO BE SUBMITTED.
Please bear in mind that should your net taxable income exceed R50 000 for the year, a third topping up provisional payment is required before the end of September 2025.

Finally, it is no use letting us have incomplete information as this only delays our ability to complete your financials on time and can add unnecessarily to our fee, as a result of wasted time. With this in mind, we list below an indication of the type of information we will be requiring which must serve only as a guide to assist you. Please ignore details that do not affect you. We have now split our list into two, the first one for individual information and the second one for your business or investment entities.