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                *     Registered Professional Accountants in practice since 1982

             *     Registered Tax Practitioners

            

 

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Deadlines

CIPC Annual Duty – one calendar month to the day after the incorporation date

Promotion of Access to Information Act manual – 31 December 2015  

 Income Tax season for indiviuals and trusts start  - 1 July 2015

Provisonal Tax returns 2016/01 -  31 August 2015

Submission of Company and Close Corporation tax returns – 12 months after their financial year-end

Income Tax Returns

 

The income tax returns are available annually after the end of each year of assessment to registered taxpayers and must be completed and submitted to SARS each year.

 

The tax season commences on 1 July 2015

  • Individuals (ITR12) and Trust (IT12TR) returns (non-provisional tax payers): last working day of September for postal submission or the last working day of November for Efiling via your PC or laptop or done electronically by SARS

  • Individual (ITR12) and Trust (IT12TR) returns (provisional tax payers have until 31 January to submit their completed ITR12 Income Tax Returns to SARS

  • Companies /Close Corporation (IT14) Returns must be completed and submitted within 12 months after the financial year end of the Company/Close Corporation

From the information furnished in the Income Tax Return SARS will issue an assessment showing either tax due or refundable, if applicable.  

 The deadlines must not be missed:  if you submit your returns after the deadline you will face administrative penalties of each return that is outstanding. SARS has implemented serious tax penalties and interest on monies outstanding and as a consequence it is essential to have your books and tax administration correctly and timorously done.  

It is therefore crucial to ensure that returns are submitted prior to the closing dates for final submission. Whether you are an individual, small to medium sized business, corporate company or massive enterprise everyone needs a professional tax service, contact a tax consultant to assist you with the submission of your returns through Efiling to SARS. We provide a full range of tax services from making sure you are registered, receiving and completing forms correctly to submitting your tax returns on time.

 

Provisional Tax Returns

 

Who are provisonal tax payers? 

 

Those who have more than one income (such as a second job or receive rental income or receive interest income) or if you run your own business. This is irrespective of what you earn. All companies, corporations and trusts.

 

You are then required to register with SARS as a provisional taxpayer and do two provisional tax returns a year.

Once a year you are also required to file your Annual Tax Return (IT12) with SARS. This serves as a double check that you have paid the correct amount of tax during the year. Provisional tax is a way for SARS to get their money on a bi-annual basis from you instead of waiting until you are assessed after year end.

 

Companies automatically fall into the provisional tax system – this is a system that makes taxpayers provide for their final tax liability by paying a minimum of two amounts during the course of the year of assessment. Final liability, however, is determined upon assessment. The aim is to help taxpayers meet their liabilities in the form of two payments made from income received during the tax year, instead of in the form of a single, large sum after the end of the tax year. A third payment after the end of the tax year is optional.

 

The first provisional tax payment must be made within six months of the year of assessment.

The second payment must be made no later than the last working day of the year of assessment.

The third payment is voluntary and may be made within seven months of the year of assessment, where the year of assessment is February, and within six months of the year of assessment, for any other year of assessment

 

If there is any doubt please contact our consultants.

 

 

Scam emails…what to look out for and what to do!

It’s that time of the year again, every scammer out there is sending emails pushing their luck and trying to catch an innocent person out. Today, online fraud is a large-scale and highly lucrative criminal enterprise. Amongst the most popular of the scams out there are scammers claiming to be from SARS or other investment schemes and of course the ever popular “cash prize” – claiming that you have won a ridiculous amount of money (even though you had never even entered a competition to begin with!).  

The scariest part is that it doesn’t take much for a hacker to create an email that helps them to pretend to be from a trusted bank. Once they have convinced you that they are from a reliable bank or are a trusted retailer, they ask for your login details and then obtain your confidential information in a few easy steps! There are over 200million scam emails (formally known as “phishing” emails) sent every day – so there is a pretty good chance that one will land in your inbox! Unfortunately it’s the small and midsize companies that are often the main target because they don’t always have the capital to spend on IT security infrastructure. So how do you prevent falling into this trap and what are the things to look out for? We have identified these and listed them below.

LOOK OUT FOR THE FOLLOWING TO DETERMINE WHETHER OR NOT THE EMAIL IS A SCAM:

  1. Hover over the “from column” with your mouse, the name that comes up should always match the domain name.
  2. A scammer will more than likely use poor grammar or spelling in their email. They have learnt that people who respond to a poorly written email are normally an easy target for their scam.
  3. A legitimate email is usually accompanied by a logo and or pictures and formal signatures, if the email is plain or looks different to what you are used to receiving from that company then it is best to ignore and delete the email.
  4. If you are asked for personal information or asked to update current information via email, it is probably a scam. The scammers use this to get you to click on URL’s or download attachments that aim to infect your computer or take information. Your bank should never request sensitive or personal details over email!
  5. Your financial institution should never send attachments via email either. Watch out for the following file types in particular; .exe, .scr, .zip, .com, .bat.
  6. If an email seems too good to be true, it most likely is! This one is pretty obvious…You will not have a random bank or person requesting details urgently to transfer money into your account!

IF YOU RECEIVE A SCAM EMAIL, YOU SHOULD NEVER ......

  • Click on any links in the scam email.
  • Reply to the email/contact the sender in any way.
  • Open any attachments that arrive with the email.
  • If you clicked on a link in the email by mistake, make sure that you do not supply any information on the website that may open.
  • If you think that you have in any way compromised the safety of your details or have lost money in a fraudulent scheme, it is important to contact your bank immediately.
  • If SARS says that you are due a refund and it looks suspicious or they are trying to put money in your bank account – check with your Accountant straightaway!

 

Accounting 4 Financial Services

 

Financial Planning ....... Investments ........ Assurance