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FAQ: What records should be kept by a micro business registered for turnover tax?

A major benefit of turnover tax is the reduced record-keeping requirements. The following records should be kept:

1. Records of all amounts received;

2. Records of dividends declared;

3. A list of each asset with a cost price of more than R10,000 on hand at the end of the year of assessment as well as of liabilities exceeding R10,000.

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