Small business turnover tax

[Madeleine001]

Hi if you find one please refer to me too (must not be super expensive) thanks!

[murdock]

when i approuched my accountant about it and mentioned i was curious...he muttered something under his breath and moved onto a different topic.

i am wondering if they are worried that they might loose all the little customers who i would assume make up a large portion of some of there turnovers...or am i way off.

lets say my turnover is R50 000 per month what is the turnover tax?

[Dave A]

lets say my turnover is R50 000 per month what is the turnover tax?

R13 000 tax for the year.

[sa00]

I have a services business (CC) and I wish to register for turnover tax. I know dividends are exempt from STC up to R200k, but will myself and other members be liable for personal income tax on these amounts as no STC was paid
?

[LotteTorkilson]

Hiya,

You currently need to register for Turnover Tax before the tax year starts. So, if you have not got your turnover tax confirmation documents back from SARS prior to 29 Feb 2012 then you will only be able to register for the tax year ending February 2014 (if you get your documents in before 28 Feb 2013).

So, if you are not yet registered you won't be able to get on the turnover tax system and any dividends declared would be taxable under those laws. However, you say you have not declared the dividends yet? I would recommend trying to get that return in asap and possibly back date it prior to 31 March 2012 as that's when the new dividend tax rates kicked in. The comapny would then be liable for the 10% STC and small amounts of interest... it'll beat the 15% dividends tax in your own name. Then, when you are actually registered for turnover tax you can declare the dividends normally and reap the R200k tax free distributions.

Thanks,
Gary