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Income Tax Act, 1962 (Act 58 of 1962)

Schedules

Sixth Schedule : Determination of Turnover Tax payable by Micro Businesses

Part VI : Miscellaneous

14. Record Keeping

 

 

(1) Notwithstanding the provisions of Part A of Chapter 4 of the Tax Administration Act, a registered micro business must only retain a record of—
(a) amounts received by that registered micro business during a year of assessment;
(b) dividends declared by that registered micro business during a year of assessment;
(c) each asset of that registered micro business as at the end of a year of assessment with a cost price of more than R10 000; and
(d) each liability of that registered micro business as at the end of a year of assessment that exceeded R10 000.