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THE HELP CENTER

All You Need To Know

SMALL BUSINESS CORPORATION (SBC)

A Small Business Corporation (or SBC) may qualify for favourable tax treatment if it meets certain requirements in the Income Tax Act (ITA)

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To qualify as an SBC the following requirements must be met:

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  1. The gross annual income of the business must be less than R20 million in the relevant tax period.

  2. The business must be conducted as a private company, close corporation, co-operative or a personal liability company.

  3.  All shareholders or members are natural persons. All shareholders hold no shares in any other private company. All members hold no members' interest in any other Close Corporation.

PERSONAL INCOME TAX

IRP5

IRP5 is a document, also known as the employee's tax certificate, which details an employee's incomes, taxes and related deductions at the end of each year. Employees use the IRP5 document to complete their income tax return for the year

Companies Intellectual Property Commission

CIPC stands for the Companies Intellectual Property Commission. Previously known as CIPRO. This is the body that governs all registered entities in South Africa i.e. closed corporations, public companies, private companies, external companies and incorporated companies in terms of the Companies Act

WORKMENS COMPENSATION

An income tax is a tax imposed on individuals or entities in respect of the income or profits earned by them. Income tax generally is computed as the product of a tax rate times the taxable income. Taxation rates may vary by type or characteristics of the taxpayer and the type of income.

The Compensation Fund provides compensation for workers who get hurt at work, or sick from diseases contracted at work, or for death as a result of these injuries or diseases. Workers injured before 1 March 1994 are covered by the old Workmen's Compensation Act..

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