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August 19, 2015 @ 8:00 am - 1:00 pm
1. Turnover Tax Turnover tax is a simplified system aimed at making it easier for micro business to meet their tax obligations. The turnover tax system replaces Income Tax, VAT, Provisional Tax, Capital Gains Tax and Dividends Tax for micro businesses with a qualifying annual turnover of R 1 million or less. A micro business that is registered for turnover tax can, however, elect to remain in the VAT system (from 1 March 2012). Turnover tax is worked out by applying a tax rate to the taxable turnover of a micro business. The rates are applicable for any year of assessment ending during the period of 12 months ending on 29 February 2016 2. Small Business
Corporation We realise that new business and small business are the life blood of our economy. So we know we must encourage their growth and ensure they prosper.
There are certain tax incentives especially designed for small business. A small business that qualifies as a small business corporation (SBC) pays no income tax on the first R73 650 taxable income (for financial years ending on any date between 1 April 2015 and 31 March 2016).
3. Provisional Tax Is not a separate tax but merely a mechanism to pay income tax during the tax year in which the income is earned. By paying the amounts due in terms of your provisional tax liability you will prevent large amounts of tax due by you on assessment as the tax load is spread over the relevant year of assessment. In terms of paragraph 28, provisional tax payments are not refundable. These payments will be set off against the liability for normal tax for the applicable year of assessment.
Roodepoort CHAMBER OF COMMERCE & INDUSTRY
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