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What All Close Corporations Need To Know About Lodging Annual Returns

By:
Date: 2008/11/20

The lodging of Annual Returns by Close Corporations came into practice and was implemented on 1 September 2008. Here follows valuable information regarding this process that all Close Corporations need to know:

The mandatory lodging of Annual Returns was introduced on 1 September 2008. In terms of the Close Corporations Act, each CC has to lodge an Annual Return once every year, within the anniversary month of the CC’s official incorporation up until the month thereafter.

This provided CIPRO with the latest information about registered Close Corporations that are stil in operation, so that they can be informed about issues that may affect them.

Annual Returns must be lodged in electron format. The fees are as follows:

• Turnover less than R50m = R100
• Turnover of R50m or more = R 4000
• Penalty fee for late lodgment = R150

What happens if you fail to lodge?

Should a CC fail to lodge and pay its Annual Returns within a period of six months, it may be concluded that the CC is no longer conducting business and it may be deregistered.

According to Section 15A of the Close Corporation Act No 69 of 1984,

(1)In order to assist the Registrar to determine whether the information required to be disclosed in terms of this Act by a corporation has been disclosed and is still valid, every corporation shall not alter than the end of the month following upon the month within which the anniversary of the date of its incorporation occurs, on payment of the prescribed fee, lodge with the Registrar a return in the prescribed form.

(3)Any corporation which has failed to lodge a return required by subsection (1) within the period prescribed therein, may thereafter lodge such return, subject to the payment to the Registrar of the prescribed additional fee in repect of each such failure: Provided that the Registrar may, upon good cause shown, waive payment of the prescribed fee concerned.

This article has been archived under Tax, Vat and Statutory Returns for your research purposes.

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