Talk to our taxation consultants about your income tax requirements
Quality Tax Advisory That Guides You Forward
At MMS, our tax consultants guide our clients through a maze of tax laws, regulations and rulings – from income tax requirements to VAT registration. In addition to our main goal of helping clients stay compliant, we also have an intense focus on helping them to move forward in the best way possible.
Each MMS tax consultant brings a wide array of credentials to the table— including advanced financial and tax related qualifications as well as years of invaluable experience gained from working at the South African Revenue Service, before joining our team.
Our tax consultants take pride in their integrated and consultative approach to providing the highest quality tax services and assistance.
More about Income Tax in South Africa
Income tax is the South African government’s biggest source of income and is stipulated in the Income Tax Act No. 58 of 1962. As stated by the Act, tax is levied on income received by all taxpayers (including trusts, companies and individuals). Income Tax refers to a number of different tax types, including Standard Income Tax on Employees (SITE), Pay As You Earn (PAYE), Provisional Tax, etc.
Tax returns are to be completed annually and should be submitted to the South African Revenue Service (SARS). The Income Tax Act No. 58 of 1962 carefully stipulates a series of steps to be followed in calculating an individual or company’s tax liability. These steps are the foundation on which tax liability is calculated.
A tax year, often also referred to as the year of assessment, covers a 12-month period. For companies, this period aligns with the company’s financial year, and for individuals and Trusts the year commences on 1 March and ends at the end of February the following year. 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.
Unsure whether you should register for Income Tax? SARS has declared that all individuals receiving any type of employment income should register for Income Tax to minimise tax fraud and non-compliance. If you, as taxpayer, receive less than R120 000 annually, you may refrain from submitting a tax return providing you meet the following criteria:
- Your income is supplied by a single employer
- Your income is constant throughout a full year of assessment
- PAYE is already deducted from your income, and no separate allowances are paid directly to you without being submitted to tax liabilities. (With PAYE, an employer’s income is taxed upon receival. This ensures that your tax responsibility is settled continuously).
Our approach to our clients’ tax demands:
Our approach to taxation and tax advisory — whether we are serving individuals, business entities, Estates or Trusts — is defined by our personalised approach to planning and preparation. Our taxation services offered include:
- Completing personal and corporate income tax returns, advising on the implications of income tax legislation, and contacting the South African Revenue Service on the client’s behalf
- Advising on other forms of taxation, such as income tax, PAYE/SDL/UIF, company tax, stamp duty, estate duty, donations tax and VAT registration
- Advising on capital gains tax and dividends withholding tax
- Estates and Trusts
Please contact us to learn more about our tax services.