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What you need to know about turnover tax to meet this month's deadline

by , 04 February 2014
The turnover tax deadline is upon you. But do you know what you need to do to meet the looming 28 February 2014 deadline?

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Attention small business owners:
 
Today is your last chance to pay less tax
 

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According to the Practical Tax Loose Leaf Service, under the turnover tax system your taxes are levied annually.

This means you'll make two interim payments during the tax year instead of one large payment. And you'll also submit a final return towards the end of the tax year.

Your first turnover tax payment is the one you must make before the 28th of February.

When it comes to turnover tax, you don't need to submit a return form with every payment. You only submit the return once a tax year.

This means you must reference your interim payments correctly. If you don't, SARS won't know how to allocate your payments.

Here's a little background on turnover tax

Turnover tax is an alternative tax system for small and micro-businesses.

Before the introduction of turnover tax, all businesses including small start-ups had to register for income tax.

This was incredibly difficult as they struggled to meet tax requirements, like completing all the forms, paying over all the taxes as well as meeting deadlines.

But, the introduction of turnover tax has removed this burden and replaced all of these taxes (Vat, Provisional Tax, Income Tax and Capital Gains Tax) with one simple tax.

This means if your company makes less than R1 million each year, you only pay turnover tax.

And applying for turnover tax is easy: You only have to complete the TT02 form.

If you want more info on turnover tax, click here.

Now that you know when to pay turnover tax, make sure you meet the looming deadline (28February 2014).

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Recommended Product: The Ultimate Turnover Tax Guide. Find out how to pay less tax with turnover tax.

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