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.
House for sale in Groblerpark R 399 000
House for sale in Pezula Golf Estate R 2 150 000
House for sale in Florida Glen R 1 500 000
Apartment / Flat for sale in Sea Point R 2 895 000
House for sale in Oude Westhof R 2 100 000
Apartment / Flat for sale in Florida R 420 000
House for sale in Umhlanga Rocks R 15 000 000
House for sale in Three Rivers R 710 000
Apartment / Flat for sale in Anchorage Park R 415 000
House for sale in Annlin & Ext R 1 190 000
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