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.
FAQ: What is taxable turnover for Turnover Tax purposes?
The taxable turnover for a registered micro business includes all the amounts (not capital) received by that business during a year of assessment from their business activities in South Africa, including those amounts described in paragraph 6 of the Sixth Schedule to the Income Tax Act. The amounts described in paragraph 7 must be excluded.
FAQ: What is turnover tax?
Turnover Tax is a separate tax regime for micro businesses, that was designed to lower their administrative burden and with lower tax rates.
FAQ: I am in my final year of CTA, can I apply for the programme?
Yes, graduates in their final year (Honours/CTA) qualify to apply. However, acceptance is dependent on the successful completion of their CTA.
FAQ: What happens when trainees complete the three-year programme?
Trainees who successfully meet their academic/training requirements and have signed off their articles may apply for available positions within SARS, although there is no guarantee that they will be successful with a placement within SARS.
FAQ: What is the basic information as stipulated in the Diamond Export Levy Standard Operating Procedure (SOP)?
Producers, Dealers, Beneficiator(s) or the holder of an export permit who export unpolished diamond(s) from the Republic must register with SARS. With effect from 1 November 2008, SARS is responsible for the collecting of the export levy as imposed for in the Diamond Export Levy Act No.15 of 2007 and the Diamond Export Levy (Administration) […]
FAQ: Who is liable to register for APT?
All airlines/operators that do cross-border flights (international or BLNS countries).
