Hi Tim,I've registered a (Pty) Ltd at CIPIC to act as a holding company to launch all my ideas through and operate from its bank account.I am confused however as to at what point I would have to pay tax with this business, i.e after how much income should I pay tax, at what amount?Also if and when my company would need to be audited, since it is a (Pty) Ltd but still pretty small?Thank you
What exactly will the business be doing and will you have employees, what do you expect the income level to be.
Generally though you would need to download the IT77(c) and register the business as a taxpayer. You would also need to file IRP6' twice a year (see What is Provisional Tax? How and when?) for the company as well as an ITR14 which is the final tax return for companies. You would not need to be audited unless the business grows significantly and this will be based on high levels of assets, liabilities or turnover.
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