Diarise this now: Your company's turnover tax is due to SARS no later than the end of THIS month (the 28th of February).
So if you haven't started putting together all the documents you need to complete your turnover tax return – also known as a TT02 form – best you get started.
What do you need to fill in your TT02 form?
There are four elements you need to fill in when completing your TT02 form:
The first is your company details. This includes your turnover tax reference number, income tax number, the years of assessment and personal details of partners including name, address, ID number and so forth.
The next element is to complete your company's bank details. This is crucial if you want to get any tax refund SARS may owe you.
Now, and here's the only hard part of the process, you need to work out your taxable turnover. To do this, you need to include your company's total gross receipts, sales of business assets, tax allowances, turnover earned outside SA, government grants and much more. (For more details on what to include, go here.)
And lastly, you need to sign the declaration.
Then, simply submit your TT02 form – we suggest you do this via eFiling to avoid all those long queues you'll face if you hand deliver it to SARS.
It's that easy!
But don't delay – you know how things go: The busier you get, the higher the chance that you'll forget to file in time becomes. Don't miss the 28 February 2014 turnover tax deadline. File today!
Recommended Product: The Ultimate Turnover Tax Guide. Find out how to pay less tax with turnover tax.