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Remember these six facts about your small business tax or risk taking on SARS

by , 14 May 2014
Do you know everything you need to about your company's small business tax? Do you know what percentage you pay on tax? Or what about when your tax season starts and ends? Are you forgetting about some important deductions that you could be claiming?

The truth is, any of these mistakes could result in an audit from SARS. That means a very lengthy process of SARS digging through your financial records. At the end of which, you may receive a hefty fine.

These are things no one wants.

But you can avoid it all if you just memorise these six small business tax facts.

Avoid 200% tax penalty

Six tax facts that you need to remembers about small business tax

1. These are the forms that you'll have to complete: ITR14, IT14SD.
2. If your use SARS eFiling, you can submit the ITR14 online.
3. Your tax year end is your financial year end. For example, if your financial year end is in June, your tax year for income tax will also end in June.
4. The percent and amount of tax you'll pay will change depending on your company profit:
R0 – R67 111 = 0% of taxable income
R67 112 – R365 000 = 7% of tax able income above R67 111
R365 001 – 550 000 = R20 852 + 21% of taxable income above R365 000
R550 001 and above = R59 702 + 28% of the amount above R550 000
But there's still more for you to know...
Stop forking over thousands of unnecessary cash to SARS!
Be one of the first in the country to get access to the information that'll make sure you pay the least tax possible...
You can legally save your company thousands of Rands in taxes on forgotten fringe benefits.

The last two facts about small business tax

5. Turnover tax replaces Vat (unless you decided to elect back into the Vat system), provisional tax, income tax, capital gains tax, secondary tax on companies.
- Pension, provident or retirement annuity contributions
- Legal expenses
- Wear and tear or depreciation allowances
- Business related debt
- Allowance for doubtful debts
- Income continuation or protection insurance premiums
- Home office expenditure
- Company car allowance and travel allowance
If you keep these six facts in mind, you'll be able to manage your company tax like a pro.

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