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All you need to know to earn more money and pay less tax with Turnover Tax!

by , 16 June 2015
Are you a small or micro business owner with a turnover of R1 million or less a year? Then I'd like to introduce turnover tax to you! The all-in-one tax that's simple, quick and easy. Saving you time and money!

You enjoy the benefit of turnover tax substituting Income Tax, Vat, Provisional Tax, Capital Gains Tax or Dividends Tax, so you pay one tax instead of the five other taxes!

Read on to discover how turnover tax can benefit you and how you can earn more money and pay less tax...

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Attention small business owners:
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Find how turnover tax will benefit your business.

To see if you qualify take our quick test:
  • Is your turnover less than R1 million per year? Yes
  • Does your business trade as one of the following: sole proprietor, partnership, close corporation, company or cooperative? Yes
  • Are all the members/shareholders/partners 'natural persons'? Yes
  • Do any of the members/shareholders hold interest/shares in another business? No
  • Is your business a public benefit or recreational club? No
  • Does the investment income of your business exceed 20%? No
  • Will the income from the disposable assets exceed R1.5 million in total over the past two years of assessment? No

If your answers matched the ones above then you qualify!

Turnover tax saves you time and money!

Because turnover tax substitutes the five other taxes, your admin costs of meeting your tax obligations are reduced significantly.

Here's an example:

Miriam owns a small nail salon in Johannesburg. The business generates an income (or turnover) of R38 400 each month including Vat, on average (which means an annual turnover of about R460 800). Miriam is a provisional taxpayer, and her business is also voluntarily registered for Vat.

Under the normal tax system, she's required to submit a Vat return to SARS every two months. Let's say her Vatable expenses are around R114 000 per year. She therefore pays on average R7 095 each Vat period.

Twice a year, she submits the IRP6 return for provisional tax, and pays approximately R42 590, each time. Sometimes, she'll make a third provisional top-up payment.

Once a year, she files in IT14 income tax return, and is assessed for tax of R85 180 (already paid via provisional tax).

That's nine returns, every year. And about R127 720 in taxes. If Miriam joins the turnover tax system, she'll make two interim payments, and submit a TT03 return once a year. She'll pay approximately R43 232 in taxes over the course of the year. (Turnover tax of R692 based on 2016 rates, and Vat of R42 540).

That's a huge savings of R84 488!

Turnover tax is designed to reduce your admin burden and the costs associated with meeting your tax obligations. Like how many hours do you spend completing and submitting your Vat return? Calculating your income tax payable?

Keep reading on to find out how turnover tax will benefit you!

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What are the benefits of turnover tax?

It's simple: There are no complicated calculations. Your tax is calculated on your taxable turnover.
It's quick: Keeping track of your income, expenses, Vat etc is tiring and a frustrating process. Turnover tax involves minimal paperwork. Also you'll make two interim payments during the tax year instead of one large payment, and submit a final return towards the end of the tax year.

It saves you tax: If your business has a low turnover and high profit margin you'll reduce the amount of tax you need to pay. You'll only pay tax if your turnover exceeds R335 000!

It can save you money: The amount of tax that is payable has significantly increased from R150 001 to R335 001! So you can earn more before you're liable to pay tax!

So if you want to earn more and pay less tax…turnover tax is your answer!

P.S. If you want to benefit like Miriam, here is everything you need to know about turnover tax.
Here is what one of our satisfied customers had to say: 'I found the turnover tax report very helpful and informative, answering all the questions I had on turnover tax and filling in those grey areas' – Jeremy Miles, owner: Eish Design. Click here to get your copy…

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Chris 2015-12-31 00:19:32

This is awesome, but wouldn't Miriam's nail salon be classified as a service, or more than 20% of her income be from services, thus making her not elligible for Turnover Tax? Or can her work be seen as a product/artwork?

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