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Correct calculations for income tax for a small business

Posted 24 May 2016 under Tax Q&A


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FarmerBob says:
20 May 2016 at 11:45

Please could you direct me onto the right path. I am in the process of starting a small agricultural business, small here meaning the minimum amount of employed staff as required by SARS to be classified as a small business, but the business has a very high income potential which does not correspond to the financial numbers required to be classified as a small business as stipulated by SARS. The figures exceed the indicated numbers as set forth by SARS. How do I calculate the correct business tax amounts for a small business and still be classified as a small business even if the generated taxable income far exceeds the amounts provided by SARS?

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TaxTim TaxTim says:
22 May 2016 at 22:16

The Small Business is based on the current turnover, not the future anticipated amount.

FarmerBob says:
23 May 2016 at 7:16

Thank you very much! This helps

TaxTim TaxTim says:
24 May 2016 at 9:19

Only a pleasure!


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Blog Categories


Small
Business
Tax Returns
Made Easy


TaxTim will help you:

 Do Your ITR14 Tax Return without a Tax Expert
 Claim for all the Deductions your Business Qualifies for
 Turn your Accounting Records into a Tax Return

TaxTim asks you simple questions about your business, then processes your answers and completes your ITR14 business tax return instantly.

Get started