Tax Guide for Small Businesses (2020/2021)
The 2020/2021 issue of the tax guide for small businesses has been issued by SARS. The guide serves as a general guide dealing with the taxation of small businesses such as sole proprietors, partnerships and companies that are not part of large groups. The aim of the guide is to discuss the typical taxation issues of an average business trading in South Africa.
The information in the 2020/2021 issue of the tax guide for small businesses concerning income tax relates to the following:
- natural persons for the 2021 year of assessment commencing on 1 March 2020 and ending on 28 February 2021;
- trusts in respect of years of assessment commencing and ending during the period commencing on 1 March 2020 and ending on 28 February 2021; and
- companies and Closed Corporations with years of assessment ending during the 12-month period ending on 31 March 2021.
The 2020/2021 issue of the tax guide for small businesses covers a range of topics under the following general headings:
- General characteristics of different types of business;
- A business and SARS;
- A business and other authorities;
- Duty to keep records, retention period in case of audit, objection or appeal and records;
- Appointment of auditor or accounting officer;
- Representative taxpayer;
- Tax clearance certificates and Tax Compliance Status;
- Non-compliance with legislation;
- Interest, penalties and additional tax;
- Request for correction;
- Objection against assessment or decision;
- Dispute resolution; and
- Complaint Management Office.
The guide can be accessed here.
19/11/2021