Knowledge Centre

File the reports the law requires, accurately, on time, and in a way that keeps your business safe.

Statutory Report

1. What You Need to Know

Statutory reports are the formal documents businesses must file with government, regulators, and funders. 
These include tax returns, payroll filings, VAT submissions, and annual reports to entities like CIPC, banks, or industry regulators. Accountants ensure these reports are accurate, timely, and aligned with statutory requirements. 

2. Why It Matters to You  

Statutory reporting is not optional, it’s survival. 
Avoids fines, penalties, and business restrictions. 
Builds credibility with funders, banks, and regulators. 
Keeps your business legally registered and recognised. 
Provides stakeholders with accurate financial insights. 

3. Frameworks, Standards, or References 

Statutory reports are shaped by law, regulation, and accounting standards. 

  • Laws & regulations: Companies Act (CIPC filings), Income Tax Act (corporate tax), VAT Act, PAYE/UIF legislation. 

  • Sector regulators: NCR, FSCA, DSD, CIDB, EAAB, LPC, FIC, NLC, banks and funders. 

  • Standards: IFRS for SMEs (financial statements), CIBA reporting guidelines. 

  • What your accountant will actually do: 

  • File income tax, VAT, and payroll returns. 

  • Submit annual returns and reports to CIPC and other regulators. 

  • Draft financial statements for banks and investors. 

  • Prepare compliance and progress reports for incentive schemes.  

4. How to Apply

Steps to stay on top of your statutory reporting obligations: 

  1. Track all reporting deadlines for CIPC, SARS, and regulators. 

  2. Provide your accountant with accurate records monthly. 

  3. Approve filings before submission to ensure accuracy. 

  4. Keep a compliance calendar for annual and sector-specific reports. 

  5. File amendments promptly if changes occur. 

5. Common Mistakes to Avoid 

Avoid these reporting errors that cost businesses dearly: 

  • Missing statutory deadlines → Use a compliance calendar with reminders. 

  • Submitting incomplete or incorrect data → Double-check with your accountant. 

  • Forgetting industry-specific reports → Know your sector’s requirements. 

  • Filing reports without supporting records → Keep audit-ready documentation.