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Are you a Tax Practitioner with Micro-businesses as Clients?
- 02 November 2023
- Tax Administration
- SARS
Turnover Tax is an optional simplified tax system for micro-businesses with a qualifying turnover of R1 million or less per year. Turnover Tax taxes turnover and not profit. Turnover Tax simplifies and reduces the number of tax returns that micro-businesses must file and replaces the need to account for Income Tax, VAT (unless you have elected to be in the VAT system), Provisional Tax, Capital Gains Tax, and Dividends Tax.
Who can qualify for Turnover Tax?
- Individuals (sole proprietors)
- Partnerships
- Close corporations
- Companies
- Co-operatives
Take the SARS test to see if you qualify for this incentive, click here.
Here’s an example of how Turnover Tax compares with tax rates:
Read more about Turnover Tax, here.
Source: SARS
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