FAQs · Established 2015 · CA(SA) · RA

100 answersto the questions our clients actually ask.

South African tax, IFRS, Companies Act, VAT, PAYE, UIF, trusts and estate duty — the principles every owner should understand. Each answer ends with the same advice: book a consultation before acting on your specific facts.

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100 answersto the questions our clients actually ask.

Income TaxWhat is the current corporate income tax rate in South Africa?

Income TaxWhat is a Small Business Corporation (SBC) and how do I qualify?

Income TaxWhen is my company's annual ITR14 income tax return due?

Income TaxDo I have to pay tax on a dividend I declare to myself?

Income TaxWhat expenses can I deduct from my business income?

Income TaxAre home office expenses deductible?

Income TaxHow is interest from my bank account taxed?

Income TaxWhat is Capital Gains Tax (CGT) and when does it apply?

Income TaxCan I claim a tax loss from one year against future profits?

Income TaxWhat is the difference between a tax-deductible expense and a non-deductible one?

Income TaxDo I pay tax on foreign income?

Income TaxAre donations to a charity tax-deductible?

VATWhen am I required to register for VAT?

VATWhat is the current standard VAT rate?

VATHow often do I submit a VAT201 return?

VATCan I claim VAT on a vehicle?

VATWhat is a valid tax invoice?

VATHow does VAT work on imported goods?

VATDo I charge VAT on services to a foreign client?

VATWhat happens if I don't submit my VAT return on time?

VATCan I deregister for VAT if my turnover drops?

VATHow is VAT applied to deposits and prepayments?

VATWhat is the VAT treatment of interest charged on overdue accounts?

VATAre entertainment costs claimable for input VAT?

Provisional TaxWho is required to register as a provisional taxpayer?

Provisional TaxWhen are provisional tax payments due?

Provisional TaxWhat happens if my second provisional estimate is too low?

Provisional TaxCan I use a 'basic amount' for provisional tax?

Provisional TaxDo I have to file a provisional return if I have a tax loss?

Provisional TaxHow does the third top-up provisional payment work?

PAYE & UIFWhen must I register as an employer with SARS?

PAYE & UIFWhat is UIF and how is it calculated?

PAYE & UIFWhat is the Skills Development Levy (SDL)?

PAYE & UIFAre independent contractors subject to PAYE?

PAYE & UIFWhat is the EMP501 reconciliation?

PAYE & UIFHow is a directors' remuneration package optimised?

PAYE & UIFDo I have to register for COIDA / Workmen's Compensation?

PAYE & UIFCan I pay an employee a fixed travel allowance?

PAYE & UIFWhat is a fringe benefit?

PAYE & UIFAre bursaries to employees' children tax-free?

Companies ActWhen does my company need an audit vs an independent review?

Companies ActWhat is the Public Interest Score (PIS)?

Companies ActWhen is the CIPC annual return due?

Companies ActWhat is the Beneficial Ownership Register?

Companies ActCan I have a single director and shareholder?

Companies ActWhat is the difference between a Pty (Ltd) and a CC?

Companies ActDo I need an MOI?

Companies ActHow do I change directors?

Companies ActWhat is a solvency and liquidity test?

Companies ActCan a private company buy back its own shares?

Companies ActWhat is a BEE Affidavit?

Companies ActDo I need to keep minutes of meetings?

TrustsWhat types of trusts exist in South Africa?

TrustsHow is a trust taxed in South Africa?

TrustsWhat is a 'sham trust' and why does it matter?

TrustsDo trusts pay provisional tax?

TrustsWhat is a beneficiary's loan account in a trust?

TrustsCan I sell my house to a trust?

TrustsWho can be a trustee?

TrustsWhat records must a trust keep?

Estate Duty & WillsWhat is Estate Duty and what is the rate?

Estate Duty & WillsWhy do I need a Will?

Estate Duty & WillsWhat is the spousal abatement (s.4q)?

Estate Duty & WillsHow does CGT work on death?

Estate Duty & WillsDo retirement annuities form part of my estate?

Estate Duty & WillsHow long does winding up an estate take?

Estate Duty & WillsWhat is donations tax?

Estate Duty & WillsCan I disinherit my spouse or child?

Financial StatementsWhat is the difference between Audited, Reviewed and Compiled AFS?

Financial StatementsWhen are my AFS due?

Financial StatementsWhat is XBRL and why does CIPC require it?

Financial StatementsWho can sign off audited financial statements?

Financial StatementsDo dormant companies still need AFS?

Financial StatementsCan I prepare my own AFS as a director?

Financial StatementsWhat is a going concern assertion?

Financial StatementsWho appoints the auditor?

Financial StatementsAre management accounts the same as financial statements?

Financial StatementsWhat is included in a set of AFS?

Financial StatementsHow long must I keep accounting records?