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If my turnover drops below the 28% threshold, do I still have to pay tax at 28%?

Posted 8 February 2017 under Tax Q&A


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Jeni says:
7 February 2017 at 15:38

As a small business, if my turnover is R14 million in year one and then drops to R12 million in year two, do I still have to pay tax at 28% per annum,even through the turnover has dropped below the threshold?

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TaxTim TaxTim says:
8 February 2017 at 6:57

If you meet the definition of a Small Business Corporation, the turnover level being R20m, then you will not need to pay 28%. Please have a look at our questionnaire on Is my Business a Small Business Corporation?


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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