“With Individual Filing Season starting in July 2022, we have made it easier and convenient to be tax compliant with SARS auto-assessment,” the revenue service said.<\/span><\/p>\n If you fail to submit a tax return, SARS can charge an administrative penalty which can range from R250 to R16,000 per month or R3,000 to R192,000 per year.<\/span><\/span><\/p>\n “It does appear though, at the moment, that SARS is issuing smaller penalties ranging between R500 and R2000,” said Momentum, “but we never know when this could change”.<\/p>\n “Many taxpayers are receiving penalties for old unfiled tax returns even if they were not required to submit tax returns based on the two reasons explained at the end of this blog. Taxpayers, after filing their 2021 return are suddenly being issued penalty notices for outstanding returns for previous years,” said Momentum.<\/p>\n\n\n
\n #<\/th>\n \u200bTaxable income (R)<\/th>\n \u200bRates of tax (R)<\/th>\n<\/tr>\n \n Bracket 1<\/td>\n 1 \u2013 R226 000<\/strong><\/td>\n 18% of taxable income<\/td>\n<\/tr>\n \n Bracket 2<\/td>\n R226 001 \u2013 R353 100<\/strong><\/td>\n R40 680 + 26% of taxable income above R226 000<\/td>\n<\/tr>\n \n Bracket 3<\/td>\n R353 101 \u2013 R488 700<\/strong><\/td>\n R73 726 + 31% of taxable income above R353 100<\/td>\n<\/tr>\n \n Bracket 4<\/td>\n R488 701\u2013 R641 400<\/strong><\/td>\n R115 762 + 36% of taxable income above R488 700<\/td>\n<\/tr>\n \n Bracket 5<\/td>\n R641 401 \u2013 R817 600<\/strong><\/td>\n R170 734 + 39% of taxable income above R641 400<\/td>\n<\/tr>\n \n Bracket 6<\/td>\n R817 601 \u2013 R1 731 600<\/strong><\/td>\n R239 452 + 41% of taxable income above R817 600<\/td>\n<\/tr>\n \n Bracket 7<\/td>\n R1 731 601 and above<\/strong><\/td>\n R614 192 + 45% of taxable income above R1 731 600<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n ![\"\"](\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2022\/06\/Tax.png\")
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