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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...Read More
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...Read More
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.Read More
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...Read More