• Provisional income tax involves calculating the expected income tax and submitting and paying these returns via SARS eFiling. There are 2-3 returns each year annually – due at half year, end of your financial year, and a top up payment due 7 months after your financial year end.

• These are important are there are penalties and interest levied on late submission, late payment, and underestimating one’s taxable income.

• Annual return to be completed 7 months after financial year end
• Under-pinned by a more detailed income tax calculation
• Submitted via SARS eFiling
• Penalties and interest for late submission and/or payment

• Income tax returns are due 12 months after your financial year end. These are detailed returns, submitted via SARS eFiling, and provide comprehensive information to SARS.

• The submission of the return is relatively easy; however, the calculation of your taxable income can be quite complex. This is where BBO Consulting can really add value to your business.

• VAT is submitted monthly or bi-monthly through SARS eFiling. Most accounting systems provide you with the necessary information to submit one’s VAT returns, however your business might want to outsource this process.

• If you are an exporter or have purchased an expensive piece of machinery, you might find yourself in a VAT refund position. Unfortunately, SARS can delay refunding this VAT, which can cause cash flow challenges to your business.

  BBO Consulting can assist with following up on refunds or you can simply take the pain away by outsourcing the entire process to us.

• Payroll taxes are deducted from employee salaries, are automatically calculated through your company’s payroll system. These taxes need to be submitted monthly via SARS eFiling (EMP201), with payment due by the 7th of each month (or the nearest working day if the 7th falls over the weekend or on a public holiday).

• Twice a year you are required to submit EMP501s which summarise the payroll taxes per your payroll.

• In South Africa all companies need to withhold tax on any dividends paid to individuals. This tax is called Dividends Withholding Tax.

• It is the obligation of the company to withhold and pay SARS within 21 days after the end of the month in which the dividend was paid. No dividend’s withholding tax is payable on any dividend paid to another company.

BBO Consulting can calculate and submit the DTR01 and DTR02 returns for your company.