Mar 27, 2024 · Turnover tax is a simplified system aimed at making it easier for micro business to meet their tax obligations. The turnover tax system replaces Income Tax, VAT, Provisional Tax, Capital Gains Tax and Dividends Tax for micro businesses with a qualifying annual turnover of R 1 million or less.

Oct 23, 2024 · Existing businesses: existing micro businesses can register for or switch to turnover tax before the start of a new tax year. The following channels can be used to submit Turnover Tax returns: Make an appointment on our eBooking system. SARS will send you a letter about the outcome of the application.

Mar 11, 2025 · If your business qualifies for turnover tax and you wish to register (note: this is optional) you need to submit a TT01 form to SARS. Regrettably, the registration for turnover tax is a manual process and the registration must be done …

turnover tax registration. If the answer to any one of the following questions is “No”, the business will not qualify for “Turnover Tax” registration for that year of assessment.

Jan 10, 2025 · If your business qualifies to register for turnover tax, you need to complete the TT01 application form for turnover tax. You can either complete the form manually or online. When you have completed your form, you should submit it to SARS before the beginning of the assessment year, which runs from 1 March to 28 February in the following year.

Turnover tax is available to qualifying individuals (sole proprietors), partnerships, close corporations, companies and co-operatives with an annual turnover of R1million or less. What steps must I take?

Turn Over Tax (TOT) or BBO is a tax levied on the turnover of a businessThis tax is based on a percentage of his turnover and has to be declared and paid within 15 days following the taxable period.. This percentage is currently 5%. Note : The TOT law has several exemptions.

Taxpayers subject to turnover tax are required to file this declaration and pay any taxes owed within one month of the end of their accounting period. The form is used to report sales and calculate the 2% or 10% turnover tax owed depending on the goods or services involved. 1. Taxpayer’s Name (Company Name or Name, Father’s Name, 3.

Mar 23, 2022 · Turnover tax is a simplified system aimed at making it easier for micro business to meet their tax obligations. The turnover tax system replaces Income Tax, VAT, Provisional Tax, Capital Gains Tax and Dividends Tax for micro businesses with a qualifying annual turnover of R 1 million or less.