top of page

Compulsory legal requirements for a business

Writer's picture: Stephanie ToerienStephanie Toerien

Statutory Returns and Submissions

Statutory returns and submissions are mandatory forms companies must file with regulatory authorities to provide information on their operations and performance. These filings may cover taxes, financial statements, employment data, and other legal obligations. Filing these returns accurately and on time is important to avoid penalties and compliance issues. Stay on top of your company's statutory obligations to ensure smooth operations and avoid legal troubles. #compliance #business #legalobligations


There are a few bodies to consider in South Africa to comply with when it comes to statutory returns. I will sum up the obligations accordingly:


SARS

  • Income Tax Return

Company - ITR14 - Due within 12 months after the financial year-end

Personal - ITR12 - Due within 12 months after the financial year-end

  • Provisional Income Tax Return

Company and Personal - IRP6 - Due, the 1st provisional tax payment must be made within 6 months of the start of the financial year, normally 31 August. The 2nd payment must be made no later than the last working day of the financial year, 28 February. These payments count towards your final submission for your income tax return.


CIPC

Company - Annual Return with CIPC - Yearly on the anniversary of the company.


The above returns and submissions are compulsory for your business or in a personal capacity if you run a sole proprietorship.


PAYROLL RELATED

If you have employees that help you with your business, the following returns and submissions will be added to the list. The below list can be for a company or in a personal capacity.


SARS

  • EMP201 - Submission of PAYE and UIF deducted on employees on the monthly payroll. Submission and payment are due before the 7th of the next month.

  • EMP501 - Recon of the EMP201 and payments made throughout the year. This is also when IT3(a) and IRP5 are produced for employees. Due after the financial year end, each year, there is a filling season announced, normally from 1 April to 31 May.

Department of Labour

COIDA

Return on earnings are submitted once a year, and a filling season is announced each year, usually from 1 April to 31 May. COIDA usually works out an amount due based on the ROE submitted that year that is payable a month after submission.


UIF

UI19 - 1% of the employee salary must be withheld and paid to UIF monthly. The employer matches the 1% of the employee from their expense with the amount being paid over. All of this is recorded on a UI19 form and submitted.


This is part of a Blog post series on small businesses. Please check out the others.

Recent Posts

See All

Comments


bottom of page