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Don't forget this golden rule when completing your company's tax return

by , 14 October 2014
Your company has to pay corporate income tax to SARS. To do this you need to complete a corporate tax return.

This can become a complicated process because of all the information you need to put in your return. That's why you need to prepare and keep things organised to make the task of completing this return much easier.

To get your company tax return done in record time, always remember this golden rule...

 

When you complete your company's tax return, stick to this golden rule

 
The golden rule of completing your company tax return is to organise everything beforehand. This includes all your supporting documents and references.
 
This way, no matter whether you're completing the return for Capital Gains Tax, donation tax, Vat or normal corporate income tax, you can fill in all your details quickly and accurately. 
 
But there are a lot of documents you need to organise before you do your company's tax return. Here are ten you must always remember.
 
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Ten documents you need to organise before you do your company's tax return

 
1. Receipts for asset sale or disposal (for Capital Gains Tax);
2. Tax invoice (for input tax);
3. Asset valuation certificate (for Capital Gains Tax);
4. Bank statements (for corporate income tax);
5. Statement of accounts (for deductions on corporate income tax);
6. Lease agreements (for Capital Gains Tax on rental property);
7. Proof of transfers (to prove transactions such as donations);
8. Receipt for repairs (for tax deductions);
9. Asset records such as receipts to prove your original purchase date (for depreciation tax deduction); and
10. Your payroll documents (to prove other payments).
 
If you follow this golden rule and keep these ten documents organised and ready, your company's tax return will take you no time. 
 
For more advice on dealing with your company's taxes, check out the Practical Tax Loose Leaf Service.
 

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