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Taxation on profit for sole proprietor?

Posted 29 June 2014

NOTES: 1. Taxation R12 523 x18% = R2254.14 less rebate under 65 years R12 080 = R 0
am I correct with the above calculation or will I need to still pay the tax of R2254?

TaxTim TaxTim says:
29 June 2014 at 15:13

The rebate is an annual amount which needs to be used for the whole year. Is your income R12 523 for the whole year or per month.

Naz says:
29 June 2014 at 19:22

The business is fairly new and that was the profit after expenses but before tax. The amount was for the tax year.

TaxTim TaxTim says:
30 June 2014 at 11:57

Then you will not need to pay any tax. The full amount will be taken up by the rebate. Assuming the business is in your name and not a registered entity.

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