Income tax returns with advice from industry leaders
MMS Group is proud to have a professional team of tax consultants capable of guiding clients through a maze of laws, regulations and rulings – from registration to the submission of income tax returns. Our team of industry professionals are committed to compliance and to ensuring our clients have total peace of mind in the filing of their tax matters.
Our tax consultants bring a range of credentials to the table, including advanced financial and tax-related qualifications and years of invaluable experience gained from working at the South African Revenue Service before joining our team. We take pride in an integrated and consultative approach to consistently provide the highest quality service and assistance.
Why Income Tax Returns are filed in South Africa
Income tax is the South African government’s most significant source of revenue and is stipulated in the Income Tax Act No. 58 of 1962. The Act states that tax is levied on income from all taxpayers (including trusts, companies and individuals) and refers to several different tax types, including Standard Income Tax on Employees (SITE), Pay As You Earn (PAYE), Provisional Tax, etc.
Tax returns must be completed annually and submitted to the South African Revenue Service (SARS). The Act carefully stipulates a series of steps to be followed in calculating an individual or company’s tax liability, which is the foundation on which tax liability is calculated.
Submission deadlines also differ for different taxpayers and are as follows:
- Individual and Trust Tax Returns (for non-provisional taxpayers): for postal (paper) submission, these returns need to be completed and submitted by the last working day of September. If completing a return electronically (via SARS’ eFiling system), the deadline is usually at the end of November.
- Individual and Trust Tax Returns (for provisional taxpayers): the submission deadline for this group of taxpayers is usually at the end of January.
- Company Tax Returns: these returns should always be completed and submitted within 12 months of the company’s financial year-end.
SARS requires that all individuals receiving any employment income should register for tax to minimise fraud and non-compliance.
When Income Tax Returns are not required
All companies, trusts and estates are required to submit returns in accordance with the Act. In the case of individuals, however, a return is not required if ALL of the below criteria apply to you:
- Your total employment income/salary for the year before tax (gross income) was not more than R500 000; and
- You only received employment income/salary for the full year of assessment from one employer; and
- You have no car allowance/company car/ travel allowance or other income (e.g. interest or rental); and
- You are not claiming tax-related deductions/rebates (e.g. medical expenses, retirement annuity contributions other than pension contributions made by your employer, travel).
Our approach to our client’s income tax returns:
Our personalised approach to planning, preparation and filing defines our approach to taxation and tax advisory. Our experienced and knowledgeable team works diligently to ensure all your tax matters are handled with utmost precision and care. Whether you’re an individual or a business, our comprehensive taxation services are designed to navigate the intricate laws and regulations effectively.
Our taxation services include:
- Completing Personal and Corporate Returns: Our team is proficient in completing personal and corporate tax returns accurately and on time. We advise on the implications of current and upcoming legislation, ensuring you remain compliant while optimising your tax position. Additionally, we handle all correspondence with the South African Revenue Service, relieving you of this technical task.
- Broad Spectrum Tax Advisory: Apart from income tax, we offer expert advice on various other forms of taxation. This includes PAYE/SDL/UIF, company tax, stamp duty, estate duty, donations tax, and VAT registration. We aim to help you understand these different taxes and how they impact your financial situation, enabling you to make informed decisions.
- Capital Gains and Dividends: The intricacies of capital gains tax and dividends withholding tax cannot be overemphasized. We provide clear and concise advice, helping you easily navigate these complexities.
- Estates and Trusts: Our team has the expertise to guide you through every step, ensuring your trust assets are protected and your tax liabilities are minimised.