Results 1 to 2 of 2

Thread: Help Turnover Tax

  1. #1
    New Member
    Join Date
    Feb 2010
    Thanked 0 Times in 0 Posts

    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
    Join Date
    May 2006
    Durban, South Africa
    Thanked 2,462 Times in 2,067 Posts
    Blog Entries
    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.
    The trouble with opportunity is it normally comes dressed up as work.

Similar Threads

  1. Small business turnover tax
    By Dave A in forum Tax Forum
    Replies: 34
    Last Post: 06-Aug-12, 02:18 PM
  2. Replies: 3
    Last Post: 11-Dec-09, 03:12 PM
  3. P Gordhan: Taxation Laws Amendment Bills 2009
    By I Robot in forum Tax Forum
    Replies: 0
    Last Post: 01-Sep-09, 07:10 PM
  4. Flat tax rates for SA.
    By Dave A in forum General Business Forum
    Replies: 3
    Last Post: 13-Apr-07, 10:25 PM

Did you like this article? Share it with your favourite social network.

Did you like this article? Share it with your favourite social network.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts