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Income Tax Act, 1962 (Act 58 of 1962)

Schedules

Sixth Schedule : Determination of Turnover Tax payable by Micro Businesses

Part IV : Registration

10. Compulsory Deregistration

 

 

(1)        A registered micro business must notify the Commissioner within 21 days from the date on which—

(a) the qualifying turnover of that registered micro business for a year of assessment exceeds the amount described in paragraph 2, or there are reasonable grounds for believing that the qualifying turnover will exceed that amount; or
(b) that registered micro business is disqualified in terms of paragraph 3.

 

(2) The Commissioner must, subject to subparagraph (3), deregister a registered micro business with effect from the beginning of the month following the month during which the event as described in subparagraph (1)(a) or (1)(b) occurred.

[Subsection 2 amended by section 116 of Act No. 31 of 2013]

 

(3) If the increase in the qualifying turnover of that person to an amount greater than the amount described in paragraph 2 is of a nominal and temporary nature, the person must apply to the Commissioner for a decision whether the person must remain a registered micro business or not.

[Subparagraph (3) amended by section 90 of the Taxation Laws Amendment Act, 2015 (Act No. 25 of 2015]

 

(4)        [Deleted by Act No. 24 of 2011 of the Taxation Laws Amendment Act].