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08/07/2025

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08/07/2025

How to comply as a Small Business?
Complying with your tax obligations as a small business has been made a lot easier over the past few years. Read below for more information:

If you are starting out and need to register as a company, you will have to contact the Company and Intellectual Property Commission (CIPC), formerly called CIPRO. Please note that Companies are first required to register with the (CIPC) offices before registering with SARS for an Income Tax reference number, click here for CIPC. Once a taxpayer registered with CIPC, SARS will automatically generate an Income Tax reference number. Taxpayer must then register on eFiling to transact electronically.
See Registering on eFiling and services available online.
How to obtain your Tax Clearance Information: As a Small, Micro or Medium Enterprise (SMME), at some point or another you will be required to provide / confirm / share your Tax Clearance information with another entity. This could be to apply for a tender, new contract, good standing or in respect of Foreign Investment.
Registering for Turnover Tax. Turnover tax is a simplified tax system for small businesses with a qualifying turnover of not more than R1 million per annum. It is a tax based on the taxable turnover of a business and is available to sole proprietors (individuals), partnerships, close corporations, companies and co-operatives. Turnover tax takes the place of VAT (in the instance that you have not decided to elect back into the VAT system), provisional tax, income tax, capital gains tax, secondary tax on companies (STC) and dividends tax. So qualifying businesses pay a single tax instead of various other taxes. It’s elective – so you choose whether to participate. For Tax Tables see below.
Registering your business for VAT
Registering for PAYE, UIF and SDL
In the case where you are already registered as a company and you meet certain qualifying requirements, you may register as a small business corporation (SBC) in order to get additional tax incentives. One of the incentives for SBCs is a reduced corporate tax rate

08/07/2025

Do any of the following apply to you for the tax year 1 March 2024 to 28 February 2025?

Did you conduct any trade* in South Africa?
If you are a South African tax resident, did you conduct any trade or employment outside South Africa?
Did you receive an allowance such as a travel, subsistence or office bearer allowance? Check your IRP5/IT3(a) if unsure.
Did you hold any funds in foreign currency or assets outside South Africa that have a combined total value of more than R250 000 at any stage during the tax year?
Did you have Capital Gains or Capital Losses exceeding R40 000?
Was any income or a Capital Gain from funds in foreign currency or assets outside the Republic attributed to you?
Do you hold any participation rights in a Controlled Foreign Company?
Did you receive an Income Tax Return or were you asked to submit an Income Tax Return for the tax year?
If you are a South African tax resident with a micro business, did you have a taxable turnover for turnover tax?

27/06/2025

21/08/2024

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.

31/12/2023

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,

31/12/2023

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.