FAQ Blog Calculators Students Logbook Contact
Do your Tax with TaxTim and WIN R10,000  More info   T&C's apply


tax liability on a small business income

Posted 6 May 2016

R1 said:
6 May 2016 at 12:16

My turnover for my small business was R2 610 525
my loss after expenses was -R793 994
how much tax must I pay?

TaxTim Alicia TaxTim Alicia said:
6 May 2016 at 12:34

If you have a loss, then there will be no tax payable.
However, you need to ensure all the expenses are business related and incurred in the production of your income.
You also need to ensure you have proper accounting records to substantiate the loss and have valid supporting documents for all your expenses in the event that SARS audits you.

This entry was posted in Tax Q&A and tagged , , . Bookmark the permalink.





Do your Tax Return in 20 minutes or less!

TaxTim will help you:

 Do Your Tax Return Easily
 Avoid penalties
 Maximise your refund
Tim uses your answers to complete your income tax return instantly and professionally, with everything filled in in the right place.

Let Tim submit your tax return direct to SARS in just a few clicks!

Get started

Blog Categories


Ask TaxTim

Got a question you want answered about tax?

Visit our helpdesk

Get SARS Tax Deadlines in your Inbox
We'll tell you when you need to file, along with tax tips and updates.