Find out, if, when and what rates of income tax apply.
The South African Companies Act (Companies Act, 2008 (Act No. 71 of 2008) stipulates that an accurate set of books based on original hard-copy documentation such as sales invoices, stock purchases, expenses and bank accounts must be kept and maintained at the registered address of a company. Every line entered in these books should be supported by documentary evidence.
Accurate books mean correct VAT, provisional tax and income tax declarations to SARS. Your books are also a useful snapshot of the current financial status of your business.