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Income Tax Act, 1962 (Act 58 of 1962)

Schedules

Sixth Schedule : Determination of Turnover Tax payable by Micro Businesses

Part III : Taxable Turnover

6. Inclusions in Taxable Turnover

 

The taxable turnover of a registered micro business includes—

(a)        50 per cent of all receipts of a capital nature from the disposal of—

(i)        immovable property, mainly used for business purposes, other than trading stock; and

(ii)        any other asset used mainly for business purposes other than any financial instrument; and

(b)        in the case of a company, investment income (other than dividends and foreign dividends).