SARS published the Tax Guide for Small Businesses on the 27th of March 2015.
This guide contains information about the tax laws and some other statutory obligations that apply to small businesses. It describes some of the forms of business entities in South Africa – sole proprietorship, partnership, close corporation and a private company – and explains in general terms the tax responsibilities of each.
It also contains general information, such as registration, aspects of record-keeping, relief measures for small business corporations, and how net profit or loss and taxable income or assessed loss are determined. This helps to illustrate the specific tax considerations for the different types of business entities. Furthermore, it contains information on some of the other taxes that may be payable in addition to income tax.
Please click here to access the Tax Guide for Small Businesses.
Section 240A of the Tax Administration Act, 2011 (as amended) requires that all tax practitioners register with a recognized controlling body before 1 July 2013. It is a criminal offense to not register with both a recognized controlling body and SARS.