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Micro Business

Posted 5 October 2015 under Tax Q&A


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Hannes says:
5 October 2015 at 11:43

The First R200 000 dividends paid during the year of assessment by the micro business is exempt from dividends tax. The Micro Business cannot deduct any business expenditure. What does this mean, can I then not deduct vehicle expenses, donations, etc..

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TaxTim TaxTim says:
5 October 2015 at 14:15

It means that turnover (receipts) is taxed on a sliding scale from 0% to 6%. No business expenditure can be deducted against the turnover to reduce the tax payable.

Dividends will be declared from the retained earnings of the company (i.e income less expenses less taxes)


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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