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).
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 […]
