Staying tax compliant: understanding and unpacking tax relief packages

Buchule Sibaca, the director of SMTAX, a digital accounting firm, shares tips of how your business can stay tax compliant and get the funding it needs during this time on the FNB Business Talk podcast with Lynette Ntuli.

What tax reliefs are available to SMEs?

The SA Revenue Service (Sars) introduced a 35% deferral on the monthly PAYE owed to Sars from April to July. In addition, your business will not incur any penalties or interest on the deferred amount. 

Please note that this is not a waiver of the tax, you still need to pay the deferred amount once the deferment period is over, and your business must be tax compliant to access this relief.

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How to get tax compliant

Your business can get tax compliant by registering for tax, then consolidating all your financial records so you can submit your tax returns, and if you are unable to cover tax debt make payment arrangements with Sars. 

We know this sounds overwhelming for some entrepreneurs, but you can get the services of a tax professional to help you with this process. Get tax compliant and help your business access the funds it needs. 

Once your business is tax compliant, you need to stay tax compliant by keeping financial records of your business transactions, filing your returns on time, and applying for penalty remittance if you are worried that you might default on tax payments. 

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For more information, visit FNB.co.za.

Download the Sars guide for more information.

This article was paid for by FNB.