Free SmartTax Savings Tool South Africa
The Free SmartTax Tool highlights the tax savings you may be missing out on as a business owner. It takes less than 5 minutes to complete. Test the tool now OR watch a video on how it works.
The tool focuses on the two areas where most businesses in SA are losing money.
The SmartTax Tool - try it for Free!
The SmartTax Tool shows you how much you can potentially save in taxes each year – if you do your accounting correctly and on time. See it as a possible Tax Deduction Calculator.
This is only a rough estimation – our Tax Accountants will have to do a formal “Free Tax Savings Review” for you before we can do an official Tax Saving Calculation at SARS for you. If you’re happy with our calculation, we’ll continue with your SARS Submission on your behalf.
How the SmartTax Tool Works
The “SmartTax Tool” for companies in South Africa, is a simple yet powerful tool designed to help businesses estimate potential tax savings in under 5 minutes!
You don’t need to be a financial wizard to understand or use the company tax tool South Africa.
Share this tool with your friends, family and colleagues so they can also get the benefit. It is 100% free after all.
Here’s a step-by-step guide on how it works:
- Input Requirements:
- Enter the SmartTax Tool requirements such as your project profit and expenses that are business-related but go through your account.
- Functionality:
- The SmartTax Tool computes the estimated tax savings by comparing current taxable income with adjusted figures after considering the updated expenses which are present in your account.
- Benefits:
- This tool saves you significant time and illustrates what you can save through efficient tax planning. Allowing you to save money monthly which can be spent on growth!
- Data Privacy:
- All information entered is secure and confidential.
SmartTax Tool Explainer Video
The explainer video below which shows you have to use the SmartTax Tool effectively. Try it today to determine if you can potentially tax savings waiting for you.
What happens after I used the SmartTax Tool?
Check your INBOX for your Tax Savings Estimation.
Eligible Deductions
Businesses can deduct a variety of expenses from their taxable income (thereby reducing their taxes). Below is an example of typical expenses a Security Company can include in their deductions:
| Expense Type | Description | Practical Examples |
| Operational Costs | Day-to-day expenses necessary for running the business. | Rent for office space, utilities like electricity, and office supplies. |
| Employee Salaries | Wages paid to employees, including security personnel and administrative staff. | Monthly salaries, overtime payments, and bonuses. |
| Training Costs | Expenses related to improving staff skills and qualifications. | Security guard certification courses with PSIRA, and first aid training. |
| Equipment Depreciation | Deduction for the wear and tear of assets over time. | Depreciation on surveillance equipment, and company vehicles. |
| Marketing Expenses | Costs incurred to promote the business and attract clients. | Advertisements in local newspapers, and online marketing campaigns. |
| Insurance | Premiums are paid for business insurance policies. | Liability insurance, vehicle insurance for company cars. |
Tax Incentives
These are special deductions, credits, or exemptions offered by SARS to encourage specific business activities, like hiring new employees.
Consider SBC Status:
By qualifying as a Small Business Corporation, a security company can benefit from reduced tax rates, potentially saving thousands annually (refer to the above calculation to see a great practical example of savings).
Employment Tax Incentives (ETI):
By hiring eligible employees, a security company can claim tax incentives, lowering overall tax liability and encouraging job creation within the company. The employment tax incentives in their current form are available until 2029
Other, more advanced expenses
Company Structure
This refers to the legal setup of a business, such as whether it’s a sole proprietorship, partnership, or corporation (Pty). The structure can affect how much tax the business pays, the level of personal liability the owners face, and how easy it is to raise capital.
Forming a company can optimise tax rates, especially when managing payouts between salary and dividends.
Impact on Taxes Savings
By effectively managing your tax obligations, you can improve not only cash flow but also reinvest extra profits (e.g. appointing more security guards to take on more customers) and reduce the overall tax burden of your business.
This approach is beneficial for small businesses striving to grow in a competitive market.
Understanding Company Tax in South Africa
Working out how much tax your company owes can be a real headache. With so many rules and regulations, it’s easy to get lost.
This guide aims to simplify things, explaining different tax aspects in plain English, as far as we can!
Tax Calculation for a Security Company - Example
Below we will demonstrate how a security company can benefit from using the Small Business Corporation (SBC) tax rates from SARS.
SBC tax rates for different income levels, showing the company how much tax, they owe to SARS. This helps the business see where they can save money and ensure they are taking full advantage of available tax benefits.
Accurate Record-Keeping
It is vital for businesses to maintain detailed and accurate financial records. This practice not only ensures compliance with SARS regulations but also helps identify all possible tax deductions, such as depreciation, assets, salaries, and other business expenses.
Granted, keeping records and maintaining high admin standards are not the priority for most business owners. You will thank your efforts when it comes to tax season, as there will be no need to run around gathering documents.
If your cash flow allows you can also consider Monthly Accounting Services, to have everything managed by an Accountant. You might have already searched for “tax consultation near me” without any success. Our services start from R1990 per month for your tax and accounting needs.
We recommend you use the SmartTax Tool to determine if you can free up some cash flow today! Remember, not having your tax documents in order can result in SARS fining you 10% of your turnover. Proper documentation and consultation with a Tax Professional are essential to ensure these deductions are accurately reported and maximised.
Conclusion
It’s time to take control of your company’s tax obligations and uncover potential savings. The SmartTax Tool (powered by Company Partners) is a powerful tool designed to help you estimate your tax liability accurately and find ways to reduce it.
We also offer a Free Consultation with a Tax Specialist to discuss your results and explore further optimisation opportunities. No matter where you are in South Africa, if you’re searching for “tax consultation near me”, we can assist from anywhere in South Africa.
