Turnover Tax seems to good to be true, is there some catch?
Turnover Marginal Rates for 2014
R0 - R150,000 0%
R150,001 - R300,000 1% of each R1 above R150,000
R300,001 - R500,000 R1,500 + 2% of the amount above R300,000
R500,001 - R750,000 R5,500 + 4% of the amount above R500,000
R750,001 and above R15,500 + 6% of the amount above R750,000
R750000 turnover and only pay R15500 tax!
And no vehicle logbook or bulging files of invoices etc
So if you are a sole prop and your business has R750000 turnover you will only pay a total of R15500 tax for that year?
Granted if you made a loss it may not be so rosy but most small businesses generally only make income if its profit generating so looks like a win all the way.
Can you be registered for Turnover Tax as a Sole Prop if its a side business and you also earn a salary?