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Turnover Tax FAQs
Posted 6 March 2017 under
What is the definition of tax threshold? Tax thresholds? SARS Threshold. A Tax threshold is the lower limit of earnings at which tax needs to start being paid. So any income less than the current threshold, would not be taxed.
What is Turnover Tax? Turnover Tax is a simplified tax system only available to sole proprietors, partnerships, companies or close corporations with a “qualifying turnover” of less than R1m per year. These types of entities are called micro businesses.
Who can register for turnover tax? Turnover tax isn’t available for just any business, though, and you’ll have to meet SARS requirements to register. Please read our blog on Turnover Tax for how to register as a Turnover Taxpayer.