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Income Tax Act, 1962 (Act 58 of 1962)


Sixth Schedule : Determination of Turnover Tax payable by Micro Businesses

Part I : Interpretation

1. Definitions


In this Schedule, unless the context indicates otherwise, any meaning ascribed to a word or expression in this Act must bear the meaning so ascribed and—


‘investment income’


(i) any income in the form of annuities, dividends, interest, rental derived in respect of immovable property, royalties, or income of a similar nature; and
(ii) any proceeds derived from the disposal of financial instruments;


‘micro business’

means a person that meets the requirements set out in Part II of this Schedule;


‘professional service’

means a service in the field of accounting, actuarial science, architecture, auctioneering, auditing, broadcasting, consulting, draftsmanship, education, engineering, financial service broking, health, information technology, journalism, law, management, real estate broking, research, sport, surveying, translation, valuation or veterinary science;


‘qualifying turnover’

means the total receipts from carrying on business activities, excluding any—

(a)        amount of a capital nature; and

(b)        amount exempt from normal tax in terms of section 10(1)(zK) or 12P;

[Definition amended by section 64 of the Taxation Laws Amendment Act, 2016 (Act No. 15 of 2016]


‘registered micro business’

means a micro business that is registered in terms of paragraph 8;


‘taxable turnover’

means the amount determined in terms of paragraph 5 of this Schedule.