New Tax Calculator - Thursday, February 26, 2015
We have updated out Tax Calculator with the new tax rates as presented by Finance Minister Nhlanhla Nene on 25 February 2015, at 2pm.

Try the Free Online Tax Calculator today to see how the new budget affects your pocket! 
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Accounting FAQs

Q: Must every business keep accounting records?

The Income Tax Act places onerous responsibilities on businesses to maintain accurate accounting records. In addition, other legislation, like the Companies Act, places additional accounting requirements on the business. Therefore all businesses need to keep accurate and compliant accounting records.

Q: Is there any difference in the accounting methodologies or requirements if the business trades as a close corporation or company?

There are no major differences to the accounting requirements between a close corporation and company.

Q: What are the accounting requirements of a trust?

A trust needs to maintain accounting records that underpin the intentions of the trust deed. These would differ from case to case - from simple records to highly complex ones.

Q: If a business trades as a partnership do individual accounting records need to be maintained for each partner?

A partnership is treated as one business entity with the resulting profit or loss at the end of the financial year being apportioned to each partner in their profit sharing ratios; this share then being reflected in each individual partner's tax return.

Value Added Tax (VAT) services

Q: Does the business need to register for VAT?

Any business, regardless of the entity that that business trades under, will be required to register for VAT if its turnover exceeds more than R1 million per annum. Businesses that have a turnover of below this threshold can volunteer to register for VAT. If the business elects not to register then the VAT input it pays on its supplies and overheads cannot be claimed back and it must be treated as part of that cost. VAT is paid on a bi-monthly basis, unless the business has a turnover of R30 million or more per annum.

Q: When would a business need to deregister as a VAT vendor and what consequences will this decision entail?

If a business's turnover falls below the R1 million per annum threshold it may choose to deregister as a VAT vendor. At this point in time the VAT that the business has claimed on its assets held at the time of deregistration would need to be repaid to SARS. If a business disposes of a portion of the business, a similar position may arise.

Registration for Import or Export Licence

Q: At what point does a business need to register as an importer?

Before any goods can be dispatched to South Africa the importer needs to be registered for VAT as well as complete the necessary documentation to register it as an importer.

Q: Can a business export goods without being registered as an exporter?

Similarly to the requirements of an importer goods cannot be dispatched from South Africa as long as the business is registered for VAT and as an exporter.