NEWS

Audit Requirements relating to the Business Accounts of Legal Practitioners now clarified

Johannesburg, 9 December 2019 – In October 2019, the Companies and Intellectual Property Commission (CIPC) issued a notice of the withdrawal of the non-binding opinion (“this” or “the” “opinion”) pertaining to Regulation 28(2)(a) of the Companies Regulations, 2011 (Companies Regulations) to the Companies Act, 2008 (the Companies Act). This opinion applied to legal practitioners who are registered as companies in terms of the Companies Act.

Important dates for individuals

Tax Season – Tax Season for individuals normally runs from July to November (for non-provisional taxpayers), with provisional taxpayers having until end January to file via eFiling.

Provisional Tax – The filing and payment by individuals of provisional tax (IRP6’s) is
  • 31 August (1st period)
  • 28 February (2nd period)
  • 30 September (3rd period)

Important dates for companies

Monthly

  • EMP201 – 7th of the following month or the Friday* before that day if the 7th falls on a weekend or public holiday

Interim

  • For period 1 March to 31 August
  • Employers Tax Season for EMP501 reconciliations 1 September to 31 October

Annual

  • Period 1 March to 28 February
  • Annual Employers Tax Season 31 May Period 1 April to 31 May

Tax Season

  • Companies, including CC’s, Co‐operatives and Body Corporates,
  • Required to submit a Return of Income: Companies and Close Corporations (ITR14)
  • Within 12 months from the date on which their financial year ends.

Provisional Tax

  • The filing and payment by companies of provisional tax (IRP6’s)
  • 6 months after year end (1st period), At financial year end (2nd period) and Six months after the financial year end (3rd period)

VAT
Manual

  • Submission of the VAT201 and payment must be done by the 25th of the month. It should be noted that each vendor may be on a different VAT cycle

Electronic (eFiling)

  • Submission and payment of the VAT201 must be done by the last business day of the month

Small businesses which fall into one of the categories above (CC, Co-operatives) must follow the schedule outlined above:

  • Turnover tax

Small businesses which are registered for Turnover Tax must follow the schedule below:

  • Turnover tax will be levied annually on a year of assessment that runs from the beginning of March of the one year to the end of February of the following year. It will include two six-monthly interim (provisional) payments.