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Accounting might seem "Greek" to a lot of people, but we understand it and can help you.
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Notes and disclosures

Notes to financial statements are disclosed following the Statement of Financial Position, Statement of Profit or Loss and Other Comprehensive Income, Statement of Changes in Equity, Statement of Cash Flows; which cannot be presented on the face of these statements.

Notes that are being disclosed serves as a further explanation to understanding how the financial information derived at those figures. Typical notes would include:

  • Basis of preparation of financial statements
  • Accounting policies used
  • Taxation
  • Property, plant and equipment
  • Specific Financial Reporting Notes

For additional information, or to request a free, no-obligation, informative evaluation of your accounting system/software, Contact us today, or complete our online quote system

 

Did you know?

Invoices – A must do when creating invoices

South Africa operates a VAT system whereby businesses (vendors) are allowed to deduct the VAT incurred on business expenses (input tax) from the VAT collected on the supplies made by the business (output tax). The most important document in such a system is the tax...
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What is Non-Taxable or Exempt Income?

“Non-Taxable Income” or “Exempt Income” is income which you receive which you are allowed to exclude from your Gross income and in so doing you do not get taxed on it. Some Examples include: Dividends received from a South African source South African interest...
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SARS VAT Audits – Tax Administration Act

The Tax Administration Act (TAA) Section 41 allows SARS to select you for an audit by: 1.       By random selection; 2.       On a cyclical basis; or 3.       With an audit/verification.
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Vat Categories

Category A: Bi-Monthly - Un-even Months 2 month period ending on uneven months (January, March, etc). Applicable to vendors with taxable supplies not exceeding R 30 million in a 12 month period, or farmers with taxable supplies that exceed R 1.5 million in a 12 month...
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