What is it?
Turnover tax is worked out by applying a tax rate to the taxable turnover of a micro business. Year of assessment ending on any date between 1 March 2021 and 28 February 2022:
| Turnover (R) | Rate of tax (R) |
|---|---|
| 0 – 335 000 | 0% |
| 335 001 – 500 000 | 1% of each R1 above 335 000 |
| 500 001 – 750 000 | 1 650 + 2% of the amount above 500 000 |
| 750 001 and above | 6 650 + 3% of the amount above 750 000 |
Who is it for?
- Individuals (sole proprietors)
- Partnerships
- Close corporations
- Companies
- Co-operatives
How to register?
- Do a quick test to see if you quality for turnover tax
- For more information on how to register
How to submit?
The following channel can be used to submit Turnover Tax returns:
- Posting the return to SARS Processing centre: PO Box 436, Pretoria, 0001
How to pay?
- 1st payment is in the middle of the tax year on the last business day of August i.e. 29 August 2014 on the TT02 – Payment Advice for Turnover Tax
- 2nd payment is at the end of the tax year on the last business day of February i.e. 27 February 2015 on the TT02 – Payment Advice for Turnover Tax
- Final payment is after the annual TT03 – Turnover Tax Return is submitted and processed. The submission of TT03 turnover tax returns is in line with the submission of the annual income tax returns, between 1 July and 31 January of the following year.
What records should be kept?
1. Records of all amounts received;2. Records of dividends declared;3. A list of each asset with a cost price of more than R10,000 at the end of the year of assessment as well as of liabilities exceeding R10,000.
- Recordkeeping workbook for individuals and partnerships
- Recordkeeping workbook for close corporations, companies and cooperatives
To access this page in different languages click on the links below:
Related Documents
LAPD-Gen-G01 – Taxation in South Africa
LAPD-Gen-G02 – Guide for Tax Rates Duties Levies
LAPD-Gen-G08 – Guide on the Taxation of Professional Sports Clubs and Players
LAPD-Gen-G09 – Tax Guide for Small Businesses
LAPD-IT-G10 – Tax Guide for Small Businesses
LAPD-IT-G19 – Comprehensive Guide to Dividends Tax
LAPD-IT-G23 – Guide on the Taxation of Franchisors and Franchisees
LAPD-IT-G24 – Guide on Mutual Agreement Procedures
LAPD-IT-G30 – Guide on venture capital companies
LAPD-TT-G01 – Tax Guide for Micro Businesses
LAPD-VAT-G01 – VAT 403 Vendors and Employers Trade Classification Guide
LAPD-VAT-G10 – VAT 421 Guide for Short Term Insurance
LAPD-VAT-G12 – VAT and PAYE NonExecutive Directors FAQs on BGRs 40 and 41
LAPD-VAT-G15 – VAT Quick Reference Guide for Non-Executive Directors
TT-GEN-01-G01 – Administration of Turnover Tax – External Guide
TT01 – Application for Turnover Tax Online Completion – External Form
TT01(a) – Application for Turnover Tax Manual Completion – External Form
Frequently Asked Questions
FAQ: What is turnover tax?
Turnover Tax is a separate tax regime for micro businesses,...
Read MoreFAQ: What is taxable turnover for Turnover Tax purposes?
The taxable turnover for a registered micro business includes all...
Read MoreFAQ: Who can register for Turnover Tax?
Any individual or company whose qualifying turnover is less than...
Read MoreFAQ: How do I register for turnover tax?
By submitting to SARS a completed TT01 form. The registration...
Read MoreFAQ: How do I de-register from Turnover Tax?
You can deregister from Turnover Tax voluntarily by writing to...
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