Talk to our taxation consultants about your income tax requirements
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 consultants take pride in their integrated and consultative approach to providing the highest quality services and assistance.
More about Income Tax in South Africa
Income tax is the South African government’s biggest source of revenue 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). This 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 connected Act 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.
- 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? SARS has declared that all individuals receiving any type of employment income should register to minimise fraud and non-compliance.
You do not need to submit a return if ALL of the below criteria apply to you:
- Your total employment income / salary for the year (March 2018 to February 2019) before tax (gross income) was not more than R500 000; and
- You only received employment income / salary for the full year of assessment (March 2018 to February 2019) 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 clients’ tax demands:
- Completing personal and corporate returns, advising on the implications of 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.