Tax Year Settings

This is the default in ProcessX. Learn more about tax years on SARS.

Company Tax Year

Companies can have different year-ends:

• Financial year set at registration with CIPC
• Often aligned with calendar year (December)
• Or June year-end
• Or any month

If your company has a non-standard year-end, configure this in settings.

Configuring Tax Year

For Individuals (Default)

ProcessX defaults to the March-February tax year. No configuration needed.

For Companies

Reports and calculations will align to your year-end.

How Tax Year Affects Reports

Dashboard

Shows data for:

• Current tax year
• Month-to-date
• Year-to-date

Reports

All reports can be generated for:

• Specific tax years
• Custom date ranges
• Calendar months/quarters

Tax Computation

Calculations use the SARS tax tables for the relevant year.

Tax Deadlines

Income Tax Return (ITR12)

SARS announces specific filing season dates each year:

File your return on SARS eFiling.

Provisional Tax (IRP6)

For provisional taxpayers:

VAT Returns

Depending on your VAT registration category:

• Monthly: Last business day of following month
• Bi-monthly: Last business day of following month

Year-End Checklist

When your tax year ends:

Records Review

• ☐ All income recorded
• ☐ All expenses captured
• ☐ Receipts attached
• ☐ Categories verified

Reports Generated

• ☐ Profit & Loss statement
• ☐ Deduction summary
• ☐ Tax computation
• ☐ Travel logbook (if applicable)

External Steps

• ☐ Export data for accountant
• ☐ Gather additional documents
• ☐ Bank statements obtained
• ☐ Provisional tax calculated

Changing Tax Year

If your company changes its financial year-end:

Historical Data

ProcessX maintains your historical data:

• View any past tax year
• Generate reports for closed years
• Export historical records
• Compare year-over-year

Multiple Companies

If managing multiple companies with different year-ends:

• Each company has its own settings
• Switch companies to see correct periods
• Generate reports per company
• Consolidation available (Business plan)

Tax Year vs Calendar Year