c/o R43 & R320, Shop 3B, Hemel and Aarde Road, Hermanus, 7201
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Rather than focusing on cutting your tax bill, I propose a different strategy to my clients: Focus on growing wealth and use the year-end time to review your financial situation and make changes, if necessary.
The Tax Administration Act stipulates that SARS can issue administrative penalties for outstanding tax returns. Until recently, SARS could only levy penalties if the taxpayer had two or more outstanding returns between 2007 and 2020. The law has since changed and, from 1 December 2021, SARS can levy administrative penalties if there is only one tax return outstanding from the 2021 tax year of assessment.
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