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Missed tax submission deadline

Posted 28 June 2015 under Tax Q&A
Natasha says:
24 June 2015 at 17:05

What happens if one misses the June 30 deadline?

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TaxTim TaxTim says:
24 June 2015 at 17:16

If you should have made a payment at 30 June 2015, and the payment is not made then interest and penalties will accumulate on the late payment. Interest is charged at 20% per annum and penalties 10% per year. The annual tax return may be late, but the final tax return payment should never be late, otherwise penalties and interest will accumulate on your tax account.


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