Turnover Tax

9 June 2022

11:00 – 12:30

This webinar will cover all you need to know about Turnover Tax in order to help you make the best informed tax-related decisions in your business.

Turnover Tax is a simplified tax system for small businesses with a qualifying turnover of not more than R1 million per annum. It is a tax based on the taxable turnover of a business and is available to sole proprietors (individuals), partnerships, close corporations, companies and co-operatives.

Turnover Tax takes the place of VAT (in the instance that you have not decided to elect back into the VAT system), provisional tax, income tax, capital gains tax, secondary tax on companies (STC) and dividends tax. So qualifying businesses pay a single tax instead of various other taxes. It’s elective – so you choose whether to participate.

 

About the facilitator: 

Jolene Simon – Taxpayer Engagement & Education (SARS)

Jolene joined SARS, previously known as the Receiver of Revenue, in 1984 and is today one of their leading educators in Tax, with nearly 37 years of experience.

Every business needs to be aware of their obligations and education plays a key role in this and also ensures business leaders are aware of incentives available. SARS, through its educational offering, seeks to first and foremost educate their clients, then to service clients to the best of their ability, and only brings in enforcement if necessary. As part of SARS’s commitment to service excellence, their goal is to promote voluntary compliance through education; and to assist businesses to ensure compliance to the relevant tax legislation.