T and C Services Pty - Ltd

Tax basics for SMEs

Most small and medium enterprises (SMEs) are not always liable to pay tax due to a low level of profit or not meeting the minimum threshold to pay tax. However, it’s still important to be registered with SA Revenue Service (Sars), within 21 business days after becoming an employer, unless none of your employees are liable for normal tax.
Getting registered from the outset and submitting tax returns timeously will ensure that as your business grows and your tax obligations change, the process of paying tax is set up and that you won’t incur unnecessary penalties in future.

These are the thresholds to be aware of:

∎ Small business corporations with a profit of R95 750 or less are not eligible to pay tax.

∎ Businesses with a turnover of R335 000 or less are also not eligible to pay tax.

Submit company annual tax return

For the year of assessment, the filing requirements are as follows:
Every company or other juristic person, which is a resident that:-
derived gross income of more than R1 000
held assets with a cost of more than R1 000 or had liabilities of more than R1 000 at any time during the 2022 year of assessment
derived any capital gain or capital loss of more than R1 000 from the disposal of an asset to which the Eight Schedule of the Income Tax Act applies, or
had taxable income, taxable turnover, an assessed loss or an assessed capital loss must submit a return,

Who is it for?

CIT is applicable (but not limited) to the following companies which are liable under the Income Tax Act, 1962 for the payment of tax on all income received by or accrued to them within a financial year:

Public companies (“Ltd”)
Private companies (”Pty (Ltd)”)
State owned companies (“SOC”)
Personal Liability Company (“Inc”)
Non profit company
Close Corporations (“CC”)
Co-operatives
Collective Investment Schemes
Small Business Corporation (s12E)
Body Corporates
Share Block Companies
Dormant Companies
Public Benefit Companies.

What is Corporate Income Tax?

Corporate Income Tax (CIT) is a tax imposed on companies resident in the Republic of South Africa i.e. incorporated under the laws of, or which are effectively managed in, the Republic, and which derive income from within or outside the Republic. Non-resident companies which operate through a branch or which have a permanent establishment within the Republic are subject to tax on all income from a source within the Republic. Read further if you want to know how to register a new company for income tax.

Dear Taxpayer. In the last 48 hours you have received a message regarding outstanding returns and the intended prosecution thereof. Please do not respond or react, a follow-up correspondence will be sent out in this respect. In the meantime please ensure that your tax affairs remain in order. SARS apologises for the inconvenience caused. Regards SARS.

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T and C Services Pty - Ltd is now on WhatsApp.

T and C Services Pty - Ltd updated their business hours.

https://businesstech.co.za/news/finance/592300/these-south-africans-dont-need-to-submit-a-tax-return-in-2022/

These South Africans don’t need to submit a tax return in 2022 The South African Revenue Service (SARS) has published a notice outlining which South Africans have to submit a tax return in 2022.

2022/23 Personal Tax Filing Season is approaching. Let us help you file your return! Email, call or whatsapp for your personalised quote!

We hope that 2022 holds success and good fortune in any endeavour you pursue. It has been a pleasure getting to know you and your organization this year. We wish you abundance and joyous moments this New Year. It has been enriching for us to have had you as our valued client.

Filing Season 2021 dates:

1 July to 23 November 2021:
Taxpayers who file online
Taxpayers who cannot file online can do so at a SARS branch by appointment only.
1 July to 31 January 2022: Provisional taxpayers including Trusts may file via eFiling or SARS MobiApp.

Now is a good time to get your tax matters ready to ensure a smooth filing experience! Make sure that you have received your IRP5/IT3(a)s and other tax certificates like medical certificate, retirement annuity fund certificate and any other 3rd party data that are relevant in determining your tax obligations. Reset your eFiling username and password if you have forgotten them. Update your personal information such as banking details, address and contact details online on eFiling or the SARS MobiApp.

Tax filing season for individuals will still start on 1 July 2021; Branches will be closed from 1 July 2021, with current plans to reopen on 16 August; Individuals who are able to should do their tax filing through eFiling or the SARS mobile app; Taxpayers who need assistance will receive it telephonically

Some rich South Africans can expect a letter from SARS – here's who should be nervous Many have already been alerted that their foreign assets are being reviewed.

Individual income tax return filing dates
1 September to 16 November 2020: Taxpayers who file online
1 September to 22 October 2020: Taxpayers who cannot file electronically can do so at a SARS branch by appointment
1 September 2020 to 31 January 2021: Provisional taxpayers who file electronically

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