Definitions

RAV01

The RAV01 is the form displaying all the data SARS has on file for you.

Bank Branch Codes

Bank Name Universal Branch Code ABN AMRO BANK 740000 ABSA 632005 ALBARAKA BANK 800000 BANK OF ATHENS 410105 CAPITEC BANK 47001

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Provisional Tax

Provisional tax is not separate from income tax, but simply a mechanism to pay your taxes during the tax year instead of having a large amount owing to SARS on

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Bad Debts

Bad debts is a business expense. It occurs when customers don't pay their invoices and the business deems the debt to be uncollectible. The business would reco

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Small Business Corporation

A Small Business Corporation (SBC) is a private company that complies with various requirements per the Tax Act. If it meets the definition of a SBC, it can tak

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Provision for Doubtful Debts

Doubtful debts are accounts receivables (monies owed to the company) that will most likely not be repaid. A Provision for Doubtful Debts is made for the

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Capital and Reserves

Capital and Reserves is a line item under the Equity section of the Balance Sheet. Capital is the initial investment made by the shareholders of the company by

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Voluntary Disclosure Programme

The Voluntary Disclosure Programme (VDP) is a voluntary opportunity for individuals, companies and trusts who have previously defaulted on their tax affairs, to

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IT14SD

An IT14SD is required for companies only. It is a schedule which reconciles the business's VAT, PAYE, Income Tax and Customs declarations from the ITR14&nb

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Dormant

A dormant company is a company that is registered with the CIPC (The Companies and Intellectual Property Commission) but is not actively trading. Even if the c

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Tax Year

For an individual, the tax year runs from 1 March until 28/29 February of the following year. For a company, the tax year can run for any 12 month period. A co

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Standard Industry Codes

Please choose the category of your business: Choose {{ category.name }}

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Balance Sheet

A Balance Sheets is a schedule or record of the business's financial balances which includes assets, equity and liabilities. For more details, please refer her

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Income Statement

The Income Statement is a schedule or record of your business' income and expenses for the tax year. It also shows whether the business is making a profit or lo

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Dependant

A dependant is: A spouse; A child and the child of a spouse (e.g. son, daughter, step son, step daughter, legally adopted child) Who was alive during a

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Working Days

Working days (or business days) commonly refer to the days that most South Africans are at work, namely Monday to Friday. Working days excludes government-reco

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Net Income

Net income is the actual profit after the deduction of expenses and allowable deductions. Please refer to the "Expenses & Deductions" section of our Small

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Income

In general terms, income is the money or a similar benefit you earned during the tax year. In tax terms, income is the total gross income y

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Tax Free Savings Account

It is a type of savings account offered by financial institutions that invests your money in a combination of financial products such as unit trusts, bank

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ITR-DD

This is a "Confirmation of Diagnosis of Disability" form for an individual taxpayer. A person who has a disability, or whose spouse or child has a disability, n

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Source Code - Reason for non-deduction of PAYE

This two digit code is to identify the reason why there was no employees tax deducted on the income. The two digit codes that might appear on your IRP5 are list

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IT3(f)

An IT3(f) is a Tax Certificate received from a financial services institution. It is a summary of the details of your contribution to a Retirement Ann

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REIT

A REIT stands for Real Estate Investment Trust. This is a listed property investment vehicle. Distributions from REITs must be included in the taxpay

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IRP3(e)

An IRP3(e) is a tax directive from SARS to instruct an employer, a fund or a commission earner the tax amount that they should deduct from either a lump sum or

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Foreign Asset Codes

Choose the correct code from the table below: FOREIGN Description Gain Loss Property - non-Primary Residence 6530&

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