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).
FAQ: Where are taxable capital gains included in the basic reduction formula?
A taxable capital gain is included directly in taxable income by section 26A
FAQ: In the case of a couple married in community of property, will a capital gain on an investment in the name of one of the partners be regarded as a capital gain accruing to both partners?
Under paragraph 14 of the Eighth Schedule a disposal of an asset by a spouse married in community of property is treated as having been made – in equal shares if the asset forms part of the joint estate; and solely by the spouse making the disposal if the asset does not form part of […]
FAQ: Can an assessed loss – as opposed to an assessed capital loss – be set off against a taxable capital gain?
Yes. Some commentators have questioned this point because a taxable capital gain is included in taxable income. The definition of the term “taxable income” in section 1 provides as follows: “taxable income” means the aggregate of— (a) the amount remaining after deducting from the income of any person all the amounts allowed under Part I […]
FAQ: I want to import my personal effects and / or household goods. What do I require?
The goods or effects may be imported into the RSA without the payment of customs duty and VAT in terms of rebate item 407.06 of Schedule No. 4 to the Customs and Excise Act, provided that you have been out of the Republic of South Africa for a period of 6 months or longer. The […]
