Hide
Earn under R350,000? Click here to see why you still need to file to get your Tax Refund.
CLOSE
Get SARS Tax Dates and Deadlines in your Inbox
 

We'll tell you when you need to file, along with tax tips and updates.
Try Tim Now

Correct calculations for income tax for a small business

Posted 24 May 2016 under Tax Questions



Blog Categories


Ask TaxTim

Got a question you want answered about tax?

Visit our helpdesk →
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?

This entry was posted in Tax Questions and tagged . Bookmark the permalink.

TaxTimTaxTim 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


TaxTimTaxTim says:
24 May 2016 at 9:19

Only a pleasure!


Get SARS Tax Dates and Deadlines in your Inbox
 

We'll tell you when you need to file, along with tax tips and updates.

Blog Categories


Ask TaxTim

Got a question you want answered about tax?

Visit our helpdesk →