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Provisional tax for less than R5000 income - what do do for SARS?

Posted 11 March 2015 under Tax Questions


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I just registered a company and we might make income of less than R5000, do I have to submit provisional tax? Financial year end is February.

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TaxTimTaxTim says:
13 March 2015 at 11:56

Yes, but then you would just submit a Zero estimated taxable income if you do not expect to make profits.


Majestic says:
13 March 2015 at 12:56

If the profit is about R3000, how do I submit it? Do I need audited financial statement?


TaxTimTaxTim says:
13 March 2015 at 13:32

No, you can just include the amount of R3000 for which the tax will be 28% of that amount.


Majestic says:
16 March 2015 at 11:29

Will the financial statement need an authorized person registered with any of the recognized professional bodies (Accounting/ Tax related) to sign off?


TaxTimTaxTim says:
17 March 2015 at 19:58

The accounting officer of the company can sign it off. For that amount and size of business you do no not need a full audit.


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