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Your simple step-by-step guide on how to complete the TT01 form using SARS tax

by , 07 April 2016
Turnover Tax can greatly reduce small businesses' stress when it comes to their tax obligations.

It replaces Income Tax, Provisional Tax, Capital Gains Tax as well as Dividends Tax.

But while the benefits of Turnover Tax are clear, provided your business is eligible for it of course, you may very well be in search of some practical steps on how to handle Turnover Tax correctly.

Well look no further, for we're here to help clarify this for you.

For starters, let's take a look at how to fill out the TT01 form...

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STEP#1: Applicant

Here you must ensure that you fill in the correct box at the top of the form.

This will indicate whether your business is a close corporation (CC), partnership, sole proprietor or a co-operative.

Step#2: Establishment Date

This refers to the date on which your business started.

NOTE: The format you must use here is yyyy/mm/dd. This means the year first, followed by the month and then finally the day.

Step#3: Registered Name

This is only compulsory for CC's, co-operatives and companies.

Step#4: Your trading and/other name

Step#5: Your income tax reference number

Step#6: Your PAYE reference number

Step#7: Your VAT number

Note that, as from the 1st of March 2012, if you register for Turnover Tax you'll still be allowed to register or stay registered for VAT purposes.

Step#8: CIPC registration number

This is only compulsory for CC's, co-operatives and companies.

Step#9: Your main income source code

This is very important, as it will indicate to SARS what industry you're in.


*To see the SARS tax table/list of all the main income source codes, simply refer to page 022 in Chapter T 16 of your Practical Tax Loose Leaf Service handbook.

Also, to see what all the other steps are, along with detailed illustrations, refer to Chapter I 16: Turnover Tax in your Practical Tax Loose Leaf Service handbook.

If you don't already have this fantastic tax resource, click here to order your copy today. 


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