South African Institute for Drug Free Sport Act, 1997
R 385
Income Tax Act, 1962 (Act No. 58 of 1962)SchedulesSixth Schedule : Determination of Turnover Tax payable by Micro BusinessesPart II : Application of Schedule2. Persons that qualify as micro businesses |
| (1) | A person qualifies as a micro business if that person is a— |
| (a) | natural person (or the deceased or insolvent estate of a natural person that was a registered micro business at the time of death or insolvency); or |
| (b) | company, |
where the qualifying turnover of that person for the year of assessment does not exceed an amount of R1 million.
| (2) | If a person described in subparagraph (1) carries on a business during the relevant year of assessment for a period which is less than 12 months, the amount described in subparagraph (1) is reduced proportionally taking into account the number of full months that it did not carry on business during that year. |
