16 Nov 2012
The deadline for submitting VAT returns via eFiling for Homeowners' Associations, has recently been clarified by SARS.
“Homeowners’ associations, if they have a turnover of more than R1 million per annum (which can often be the case in larger developments), have to submit VAT returns, so it is of particular importance that they do not have the incorrect information,” says Michael Bauer, general manager of sectional title management company IHFM.
The levies collected by bodies corporate are VAT exempt, so this would not apply to them, he says.
The deadline is usually the 25th of each month (or the last working day before the 25th if this falls on a Saturday, Sunday or public holiday) but if VAT vendors use eFiling it is not necessary to submit the return by the 25th, according to a recent SARS announcement.
It was also announced that an amendment will be included in the Draft Tax Administration Amendment Bill.
“As long as the VAT return is submitted by or on the last working day of the month via eFiling and the amount owed to SARS reflects in their account before the cut-off, no interest or penalty will be charged according to SARS,” says Bauer.
Townhouse for sale in Langenhovenpark R 1 055 000
House for sale in Rustenburg R 1 574 000
Commercial Property for sale in Doringkloof R 3 900 000
Apartment / Flat for sale in Strathavon R 1 750 000
Commercial Property for sale in Germiston POA
Townhouse for sale in Comet R 420 000
Townhouse for sale in Langenhovenpark R 1 175 000
House for sale in Faerie Glen R 3 495 000
House for sale in Aston Bay R 810 000
House for sale in Edenvale R 1 150 000
If you are using Internet Explorer 8 or higher, please verify that your Internet Explorer compatibility view settings are not enabled.
For the best browsing experience update to the latest Version of Internet Explorer or try out Google Chrome or Mozilla Firefox.
Please contact our Customer Service Centre for further assistance. Tel. +27 (0)861 111 724