SARS administrative penalties apply to dormant companies

SARS administrative penalties apply to dormant companies

So many of you have companies that are completely dormant. From 7 December 2018, if you have not submitted their company tax returns you can get hit with R250 per month or more administrative penalties!

This will go back to 2009 and subsequent years.

The adminitstrative penalties are actually R250 to R16 000 per month depending upon taxable income or assessed loss, so we can safely assume that the R250 will apply to dormant companies only as SARS specifically mentions that dormant companies must also submit returns.

They first have to issue a final demand, but since they can post it on efiling, there's a good chance that you won't become aware of it.

Harbour and Associates are offering to bring all of your company Nil tax returns up to date for a once only flat fee of R1 000 per company. Click here for more information or to place your order.

Derek Springett, CEO of HArbour & AssociatesNeed help with your dormant company?

Contact us today or set up a free meeting with our CEO, Derek Springett, to discuss your options. We have been offering expert financial advice and business services since 1971. You can also visit our online store for a list of releated services.

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South African Institute of Chartered Accountants. Designation CA(SA)  Internationally Accredited Financial MediatorsIndependent Regulatory Board for Auditors. Designation RA<Engineering Council of South Africa. Designation Pr(Eng) Member of MENSA, the High IQ Society




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