FAQ: When may a person de-register for turnover tax?
A person may elect to voluntary de-register before the beginning of a year of assessment or a later date announced by the Commissioner in a Government Notice. In the case of a compulsory deregistration, the business will be deregistered with effect from the beginning of the of the month following the month during which they […]
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 […]
FAQ: How will the returns and payments work in the turnover tax system?
“This will essentially consist of one annual return with two interim (provisional) payments. If liable, you will be required to make two interim payments, one for the first six months of the year of assessment (August) and the other for the full year of assessment (February), but after deducting the first interim payment. An annual […]
FAQ: What are the requirements for a micro business to qualify for turnover tax?
A natural person (sole proprietors and partners in a partnerships) or a company (including a close corporation and a co-operative) may qualify as a micro business if the qualifying turnover for the year of assessment does not exceed R1 million. The qualifying turnover includes the total receipts from carrying on business activities, excluding any amount […]
FAQ: How will I be informed of an unsuccessful registration for Turnover Tax?
A letter will be issued to the applicant informing them that the application has not been successful due to certain requirements not being met. In case the submitted TT01 form is incomplete, the taxpayer will be notified and the application will be considered once all of the information has been provided.
FAQ: Can I be registered for both the Turnover Tax and VAT?
Yes, as from 1 March 2012 persons registered for Turnover Tax may elect to register for VAT.
FAQ: Who does not qualify to be registered for Turnover Tax?
A natural person or company may be excluded from the Turnover Tax regime if: the shares are held in an unlisted company; more than 20% of the receipts are derived from rendering a professional service; the taxpayer is a personal service provider or a labour broker; if the company’s financial year end is not on […]
FAQ: How do I de-register from Turnover Tax?
You can deregister from Turnover Tax voluntarily by writing to the Commissioner expressing your wish to do so in a manner prescribed by the Commissioner. Or, you may be forced to deregister if your turnover exceeds R1million for a given tax year.
FAQ: How do I register for turnover tax?
By submitting to SARS a completed TT01 form. The registration application should be submitted before the beginning of a year of assessment (a year of assessment runs from 1 March to 28 February), or a later date prescribed by the Commissioner in a Government Notice. Should a person commence trading activities during a year of […]
FAQ: Who can register for Turnover Tax?
Any individual or company whose qualifying turnover is less than R1 million for a year of assessment, may register for Turnover Tax. Specific factors can disqualify you from the turnover tax system. These can be found in paragraph 3 of the Sixth Schedule to the Income Tax Act.
