|OUTCOMES OF TOPIC
After studying this topic on the introduction to the taxation of other entities, you should be able to:
✓ Understand what is meant by the term “Small Business Corporation” and that section 12E of the Income Tax Act contains the requirements and the tax consequences related to Small Business Corporations;
✓ Understand what is meant by the terms “Micro Business” and “Turnover Tax”, and that the legislation applicable to Micro Businesses and Turnover Tax is included in section 48 to 48C and the Sixth Schedule of the Income Tax Act;
✓ Understand the basic definition of a Labour Broker and a Personal Service Provider;
✓ Understand the basic definition and legal form of a partnership;
✓ Understand the basic taxation of a partnership in terms of Section 24H of the Income Tax Act;
✓ Understand that some entities will be exempt from income tax and that section 10 of the Income Tax Act contains a list of these exempt taxpayers.