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Here's what you need to know to stay on top of your tax requirements in 2017.

Tax deadline – two words that may leave you feeling less than inspired… The good news is that HGG Professional Accountants is here to help. Please don't hesitate to contact us for advice or assistance with any of the taxes listed below.

DUE NOW:

Provisional tax returns
An important tax deadline is just around the corner. If you're a provisional tax payer, your eFiling return for the 2015/2016 year of assessment is due on 31 January 2017.

LOOKING AHEAD:

  1. Personal income tax
    Don't forget about this year's tax return. The 2016/2017 period of assessment runs from 1 March 2016 to 28 February 2017, so it's important to start preparing to submit later this year. The opening date for the next tax filing season is 1 July 2017. From this date onwards, you may file your personal tax return, which is typically due at the end of September (at a SARS branch) or November (via eFiling) each year.
  1. Business taxes

    Smaller businesses
    Many smaller businesses qualify for tax relief in the form of either Turnover tax or Small Business Corporation (SBC) tax.
    • Turnover tax is available to micro businesses (annual turnover of R1 million or less). It is levied on turnover, rather than income, and it is a simpler tax at an administrative level, as it replaces VAT, provisional tax, income tax, capital gains tax, secondary tax on companies (STC) and dividends tax. Turnover tax is due on 28 February 2017 and again by no later than the end of August 2017.
    • SBC tax applies to smaller businesses with an income below R20 million in the year of assessment (as well as a few other criteria). It offers progressive tax rates and deduction allowances.

Please contact HGG Professional Accountants if you require assistance with the submission of your Turnover or SBC tax.

Larger businesses:
Larger businesses must register for Corporate Income Tax (CIT) and submit a return of income within 12 months following the end of your financial year. Large businesses are also required to submit provisional tax returns every six months (containing estimated figures of total revenue).

  1. Value added tax (VAT)
    If the income earned by your business in any consecutive 12-month period exceeded, or is likely to exceed, R1 million, then you are required to register for VAT. Following this, manual or electronic VAT submissions must be made to SARS every month.
  1. Employees' tax
    As an employer, you have to register for the PAYE, SDL and UIF contributions of your employees. Your employee details must also be kept up to date via a monthly Employer Declaration form. The good news is that HGG Professional Accountants can manage these monthly submissions for you, freeing up time for you to focus on growing your business.

We can help...
Feeling a little overwhelmed by all the tax talk? Please let us know how we can help! Feel free to e-mail Petro Hartman (Somerset West), Leras Uys (Paarl) or Gunter Droste (Durbanville). Alternatively, call us on (021) 851 2778. Don't wait too long!