Tax Practitioners
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In South Africa any tax practitioner who:
- provides advice to any other person about the application of a tax Act; or
- completes or assists with the completion of a return by another person;
must belong to, or fall under the jurisdiction of, a Recognised Controlling Body, such as The South African Institute of Professional Accountants (SAIPA), as referred to in s 240A of the Tax Administration Act.
Tax Practitioners who aren’t registered with both a Recognised Controlling Body (RCB) and SARS are no longer assisted at SARS and won’t be able to effectively submit your returns and keep your tax affairs in order.
A tax practitioner must meet the following requirements in order to practice:
- Have the minimum qualifications and experience set by their Recognised Controlling Body.
- Have no criminal convictions for the offences described in the Tax Administration Act.
- Participate in continuous professional development programmes set by their Recognised Controlling Body.
- Be tax compliant as monitored by their Recognised Controlling Body.
As a business owner you need to be sure that your tax affairs are in the hand of qualified professionals who can give you sound advice and who understand the tax legislation and its implications for accounting practice.
Interesting to know: Tax Practitioners (Accounting 101)
All tax practitioners should be registered with a controlling body and with SARS. Legislation changes all the time which is why all tax practitioner are required to undergo continuous professional development.
Sphere Financial Services is a member of The South African Institute of Professional Accountants (SAIPA) and is registered with SARS in compliance with s 240A of the Tax Administration Act.
Frequently asked questions:
If you have any more specific questions or would like to enquire about our accounting services, please don't hesitate to get in touch with us. We're here to assist you with all your financial needs.
In South Africa the tax threshold for an individual under the age of 65 is R95,750.00
Older than 65 but younger than 75 the tax threshold is R148 217.
The tax threshold is the amount above which income tax becomes payable.
Provisional taxpayers are people who earn income on which no income tax has been deducted.
They will need to declare their total estimated taxable income on their provisional tax returns (IRP6) and pay the estimated tax thereon.
2024/02 provisional tax is due on 28 February 2024.
Yes, it is compulsory for certain individuals and entities to register for provisional tax in South Africa. If your taxable income is likely to be more than the tax threshold, you are required to register for provisional tax with the South African Revenue Service (SARS).
Provisional tax is a system of regular tax payments made by individuals and businesses to spread the financial burden over the tax year. It is an estimation of the total tax liability for the year, with payments made in two or three instalments, depending on the taxpayer’s status.
There is no fixed minimum amount for provisional tax. Individuals and companies are required to estimate their taxable income for the year and make payments based on their projections. However, SARS may charge penalties if the estimated payments fall short of the actual tax liability.
PAYE (Pay-As-You-Earn) is a system where employers deduct employees’ income tax and other statutory deductions from their salaries and remit it to SARS on their behalf. Provisional tax, on the other hand, is paid by individuals and businesses on their estimated annual income and is not deducted at source.
Provisional tax is paid in two instalments during the tax year for individuals (August and February) and in three instalments for companies (end of the 6th, 12th, and 18th months of their financial year). The third instalment is optional for individuals if their financial year-end is not in February.
Provisional tax is calculated by estimating your total taxable income for the year and applying the relevant tax rates. You can use the SARS income tax tables or online calculators to help determine your provisional tax liability.
Personal income tax is the annual tax paid by individuals on their total income earned during the tax year. Provisional tax, on the other hand, is a mechanism for individuals and businesses to make interim payments towards their anticipated annual tax liability, spreading the burden across the year.
Pensioners are only required to register for provisional tax if their taxable income exceeds the tax threshold. If their income falls below the threshold, they may not be obligated to register for or pay provisional tax. It’s recommended for pensioners to consult with tax professionals to determine their specific tax obligations.
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Tax Services
As registered SARS Tax Practitioners we:
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