Page 25 - GA Maclachlan Tax Guide 2024
P. 25
TURNOVER TAX FOR MICRO BUSINESSES
Financial years ending on any date between 1 March 2024 and 28 February 2025
TAXABLE TURNOVER RATES OF TAX
R0 – R335 000 0%
R335 001 – R500 000 1% of the amount above R335 000
R500 001 – R750 000 R1 650 + 2% of the amount above R500 000
R750 001 – R1 000 000 R6 650 + 3% of the amount above R750 000
Financial years ending on any date between 1 March 2023 and 29 February 2024
TAXABLE TURNOVER RATES OF TAX
R0 – R335 000 0%
R335 001 – R500 000 1% of the amount above R335 000
R500 001 – R750 000 R1 650 + 2% of the amount above R500 000
R750 001 – R1 000 000 R6 650 + 3% of the amount above R750 000
Turnover tax for micro businesses is a simplified turnover-based tax system
substituting income tax and Capital Gains Tax� A micro business may voluntarily
register for VAT� Turnover tax is an elective tax applicable to sole proprietors,
partnerships and companies that meet certain criteria and have a turnover of
less than R1 million per year�
A micro business may only voluntarily exit the turnover tax system before the
beginning of a year of assessment�
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