Tax software south africa

Tax professionals can now efile their tax returns easily through our cloud based software. Enter income details and taxcomp instantly calculates the net pay results. The 2019 tax season will open again this year on 1 july 2019 and individual tax payers have till 31 october 2019 to submit their tax returns. We also offer the ultimate in salary structuring software. Jul 18, 2007 south african withholding tax by aneria bouwer. Taxassist quick easy affordable tax, accounting and financial planning.

Set rates and easily include local sales taxes in your quotes invoices, orders and bills. Since march 2015, south africans have been able to invest r30 000 a year, or r2 500 a month, in a taxfree investment to a lifetime maximum of r500 000. The corporate tax rate in south africa stands at 28 percent. In south africa, this distinction has effectively become the line in the sand in the online services landscape with amendments to the electronic services provisions in the valueadded tax vat act aimed at taxing b2c transactions only. Taxassist quick easy affordable tax, accounting and financial planning advisors. Fine tuning vat on electronic services deloitte south africa. Onesource corporate tax in south africa for sars tax returns. Cashbasis, modified cash basis or accrual accounting. Tax in south africa has become vastly more complex over the past decade and with improved collection and audit capabilities from the tax authorities, companies need to invest in technology to ensure they have the ability to submit accurate and timely corporate tax information. South africa also imposes an estate tax at a flat rate of 25 percent on estates valued at more than zar 1,000,000, with relief for assets transferred twice within a 10year period, and a donations. Management and professional fees subject to normal wht rates. Wolters kluwer tax and accounting southern africa ptyltd. Free sars tax refund calculator 2020 taxtim sa africa. Goodada helping south african importers and exporters with their duty taxes.

How to get more income for a longer period from a living annuity. Tax returns completed from only r360 monthly accounting from only r1500 011 477 0416 082 320 2424. Easy, yet powerful accounting for american small business owners. The greatsoft tax software suite for tax practitioners simplifies the calculation and submission of individuals and companies tax and is fully compliant with sars efiling greatsoft tax calculator is browserbased, which means you can login to your secure portal and manage your clients tax affairs from anywhere on any device. A large proportion of respondents 68% indicated that they use more traditional desktop software like outlook or thunderbird to manage jobs, deadlines and responsibilities.

Employees who render services outside of south africa often find themselves in a predicament regarding their tax affairs. Your tax management platform that supports the preparation and submission of. The news1 of the revised double tax agreement between south africa and mauritius the new dta on monday, 27 may, rang alarm bells for both mauritian companies investing into south africa as well as for south african companies expanding offshore via mauritius. Sarss research and development tax incentive programme.

Called backtax, this totally unique package allows you to structure salaries working forwards or backwards to make sure you get the most out of any salary package. Income tax in south africa was first introduced in 1914 with the introduction of the income tax act no 28, an act that had its origins in the new south wales act of 1895. Given the nature of software and its use outside of the purely consumer based sphere as software licenses are often purchased by businesses, this announcement signals a departure from the strictly b2c focus and the first steps towards the taxation of online services in the b2b space. Do your tax return quickly and easily in south africa. Further investment in administrative systems would undoubtedly help improve treatment of taxpayers too. Jun 10, 2018 pretoria, south africa the nations tax chief steeled himself. Greatsoft practice management software for accountants is designed help you to better manage your staff, your clients and your workinprogress all in one centralised database. Sars has introduced enhancements to both the sars efiling and mobiapp platforms for both taxpayers and tax practitioners, read more.

Tax rates for whatever your business needs each tax rate can have multiple components and you can have as many rates as you need, for example, sales tax and state tax. Information is recorded from current tax year to oldest, e. In june 2014, south africa made income earned by nonresident providers of electronic services to consumers liable to value added tax. This was extended from 1 april 2019 to b2b services provided to south african businesses by foreign providers. This is intended to take away any vat advantage of buying those.

Interest paid by the government and the central bank of kenya is taxexempt. Sky tax the ultimate efiling system accfin software. This is a must have for every person who is paying income tax in south africa. Most south african small and medium businesses are struggling to operate and pay their employees during the national lockdown imposed by the government to slow the spread of the coronavirus. The south african government is often slated for not doing enough to promote new business creation and technology innovation. Free south africa invoice template with vat online invoices. Work out how big your tax refund will be when you submit your return to sars. However, there are actually several incentive schemes that companies can benefit from if they are building software products. This can then integrate with any of our other tax, secretarial, payroll or document management solutions, to provide you with a single source of truth, and a single. If they do this religiously, investors will, after some 17 years, have r500 000 plus capital growth, interests and dividends, as a taxfree investment. South africa corporate tax rate 20012020 data 2021. This is intended to take away any vat advantage of buying those services from outside south africa.

A free tax calculator to view the effect of changes to the year on year tax parameters made by sars. Clearly, there is still a divide in terms of digital transformation in south africas accounting industry. Taxbox provides practical and easy to use software solutions to support many accountants, tax professionals and financial planners throughout south africa. Accounting software intuit quickbooks south africa. Project accounting this type of system helps projectoriented businesses maximize job profitability and efficiency by. Free file fillable forms offer no guidance for completing your tax return, but the forms can perform some of the calculations. Prior to 2001 the south african tax system was sourcebased, wherein income is taxed in the country where it originates. Consequently, the provisions of section 35 of the act should be applied to withhold tax on any payment made i. South africa is a member of most international conventions for the protection of intellectual property. One of the leading products, taxplanner is and automated solution to analyse, plan, administer and prepare clients tax the quick, accurate and easy way.

The second option, which has limited features, simply offers a way to fill in tax forms online and submit your return via free efile. Tax rates year of assessment ending 28 february 2020 taxable income. Add your own tax rates in xero to charge or record sales tax on your invoices, bills and transactions. If a business acquires certain services from outside south africa, the services will be deemed to be imported services to the extent that the services are acquired for the purpose of making nontaxable supplies. Tax break for south african software developers maxxor blog. Practice management software for accountants greatsoft. Onesource corporate tax solution from thomson reuters helps south african companies with sars tax returns they submit to the south african revenue service. Therefore, the use of software acquired in south africa would deem any income received or accrued to the seller of such software in relation to such use to be from a south african source. Taxation may involve payments to a minimum of two different levels of government. Onesource corporate tax solution from thomson reuters helps south african companies with sars tax. Accounting software isnt meant to replace a bookkeeper, but rather provide them with a userfriendly online accounting solution and streamline their work come tax time. Tax rates are proposed by the minister of finance in the annual budget speech and fixed or passed by parliament each year.

One of the questions frequently asked by foreigners who want to do business in south africa is whether south africa imposes withholding taxes on payments made to nonresidents. The response to this is often that we only have a withholding tax on royalties. The program has been built using best of breed practice and is used by many south african accounting firms from very small to very large. South africa corporate tax rate 20012020 data 20212022. View what your tax saving or liability will be in the 20182019 tax year. Utilising cuttingedge technology and specialist skills, our tax services assists clients in complying with tax related legislation and regulations. One option for a nonresident company is to payroll its employees local and foreign in south africa is to use a fully outsourced service like a geo, which will employ and payroll the staff on their behalf. Most goods imported or exported are subject to south african customs duties. All personal and corporate income tax systems are based on selfassessment principles. Pretoria, south africa the nations tax chief steeled himself. The irs free file program offers access to over a dozen free online tax software providers or free tax file fillable forms. Patents, trademarks, s and industrial designs and models are legally recognized in south africa, which was one of the first signatories to the trademarks law treaty of the world intellectual property organization wipo in 1994. As the survey shows, all revenue bodies, except south africa, assign identifi cation numbers ostensibly across all tax types, including customs.

Tax practitioners and individuals may now apply for irp3b and irp3c tax directives through their efiling profiles rather than having to going into a sars branch, read more trade statistics sars released trade statistics for march 2020 recording a trade surplus of r24. Do your tax return quickly and easily in south africa taxtim sa. Royalties and knowhow payments made to nonresidents for the use of or right to use ip rights in south africa are deemed to be from an sa source. Add discounts, add more fields if applicable and print, save as pdf or email the invoice to your client. Wolters kluwer has all legal rights to license teammate worldwide, including europe, middle east and africa. Chiding and pleading with president jacob zuma to get him to file his taxes. Turbotax premier tax software is for people who have complex returns, including those who own rental property, who received a trust or an estate during the tax year, or who have gains and losses on. The act has gone through numerous amendments with the act presently in force is the income tax act no 58 of 1962 which contains provisions for four different types of income tax. Tax in south africa has become vastly more complex over the past decade and with improved collection and audit capabilities from the tax. Since january 2001, the tax system was changed to residencebased wherein taxpayers residing in south africa are taxed on their. If youre considering quickbooks online for your business, were here to help. Your tax management platform that supports the preparation and submission of irp6 provisional tax returns, and itr14 corporate tax returns. Chiding and pleading with president jacob zuma to get him to file his taxes much less pay the full amount was always an.

Tim uses your answers to complete your income tax return instantly and professionally, with everything filled in in the right place. Currently, electronic services which are subject to sa vat are limited. Cloudtax solution combines the indispensable benefits of cloud functionality with an invaluable overview of your entire tax payer client base. No longer be unsure of what the new set of changes by sars will do to your net pay.

South africa vat returns periodic vat returns must be submitted by all companies with a south african vat number, detailing all taxable supplies sales and inputs costs. How frequently are vatgst and other indirect tax returns submitted. Taxtim will ask you easy to understand questions, in plain english no tax knowledge required. Plus look up detailed transactions and totals for any period in the sales tax report. Ultimately, south africa introduced the vat rules on electronically supplied services in order to protect local suppliers, address vat leakage and to tax consumption in south africa, in the form of an amendment to the vat act in june 2014. Subject to certain conditions, relief from south african tax will generally apply where the individual is a tax resident for treaty purposes in the other countryterritory and is in south africa for less than 183 days in a 12month reference period, as defined in the relevant double taxation agreement. This page provides south africa corporate tax rate actual values, historical data, forecast, chart, statistics, economic calendar and news. South africas best and most userfriendly tax software for personal tax payers, trusts, etc. Works out salaries both forward and backwards so you can take home a little more. Free south african income tax calculator for 20202021. Calculates income tax, monthly net salary, bonus and lots more. Covid19, visit the south african department of healths website at. Taxify gives you world class sales tax software on a platform that is delightfully easy to use and at a price your business can afford. South africa customs import and export duty calculator.

The payer of the royalty or knowhow payment is obligated to deduct a wht of 15% of this payment, which is a final tax payable by the recipient of such income. Due to damage from the recent flooding, the pretoria north branch is closed until further notice. In addition, thousands of accountants, bookkeepers, tax practitioners and financial consultants rely on our wintax software as wintax is acknowledged as being the best taxcalculator software available in south africa. Returns are monthly if turnover is greater than zar 30 million, and 4monthly or 6monthly farming only if less than zar 1. Interest paid by the government and the central bank of kenya is tax exempt. A complete import and export declaration form must be completed which our south africa customs broker can assist you with. A remote payroll in south africa is where a foreign company, i. Our updated and free online salary tax calculator incorporates the changes announced in the budget speech.

Softbyte computers company registration number 198801072323 sait is the largest of the professional tax bodies in south africa, and seeks to enhance the tax profession by developing standards in education, compliance, monitoring and performance. In this section you can find a list of tax rates for the past five years for. Our tax management solution, cloudtax, allows you to manage your client database, store supporting documentation and track. South africas salary tax calculator use this free and easy to.