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Thread: Help Turnover Tax

  1. #1
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    Help Turnover Tax

    Hi guys ,

    I started my own company and weve been trading for +- 1 year with a turnover of +- 750000

    Being new to the tax system we registered a CC and for VAT when we opened.

    I have submitted a nil return for all the outstanding vat returns
    We havnt claimed anything from SARS

    - Will it be beneficial for my company to go over to the Turnover tax system ?
    - Will we be liable for exit vat ? weve never claimed any vat ?
    - Will we ( me and my business partner ) still have to pay personal income tax , or is this included in the turnover tax ?

    So say we do a turnover of 800 000 , what will our tax be for the year we need to pay over to SARS ?

    Thanks for any replies in advance

  2. #2
    Site Caretaker Dave A's Avatar
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    May 2006
    Durban, South Africa
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    I think to qualify for the 2010 tax year you had to register for the turnover tax system by today? (effectively Friday 26th Feb).

    I think this discussion on turnover tax might answer many of your questions.
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