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CLOSE CORPORATION ANNUAL RETURNS

Lodgement of annual returns

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General

Section 15A of the Close Corporation Act, 1984 which has come into operation on 01 September 2008, provides that all close corporations must lodge an Annual Return with the Registrar of Close Corporations. The return must be lodge annually by no later than the end of the month, which follows upon the month within which the anniversary of the date of the close corporation’s incorporation occurs. Close corporations can only lodge the returns electronically and CIPRO will not accept paper documents.

The following fees are applicable and payable with the lodgement of the annual return.

Turnover less than R50 million - R100

Turnover more than R50 million -R4000

Penalty for late submission-R150

Purposes

The Registrar of Close Corporations wants to determine two things from the annual returns:

whether the close corporation is still in business

whether the Registrar is in possession of the latest information of the close corporation.

Penalty/Deregistration

If a close corporation fails to lodge its Annual Return and subsequently fails to pay the prescribed fee, an additional fee of R150-00 will be levied. If after successive reminders the defaulter still fails to lodge and pay, the Registrar will after six months, institute deregistration proceedings against the close corporation.

How we can help

We can lodge the return on your behalf for a fee of R200. Our service would include the following:

Compare statutory information of CIPRO records

Completion and lodgement of the annual return

Payment of the CIPRO fee on your behalf

The tax environment is changing all the time. Keeping in touch with all these changes can be both time consuming and costly. SARS are  also changing their focus and wants more staff to do audit work in future in stead of administration work. You might have noticed that the capturing of income tax, Vat, PAYE and other returns are shifted to the taxpayer by way of the sars-efiling system. The chances of your business being audited in future by SARS is much higher than it was in the past. You need to make sure that your business will survive a tax audit and we can assist in this regard by guiding you in the right direction or by handling your tax affairs all together.

We service the need of the small to medium size enterprise, as well as the individual. Our taxation service include the following.

Visit our website on a regular basis as we will feature a monthly tax tip.