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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

7. Exclusions from Taxable Turnover

 

The taxable turnover of a registered micro business does not include—

(a)        in the case of a natural person, investment income;

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

[Paragraph (b) substituted by section 65 of the Taxation Laws Amendment Act, 2016 (Act No. 15 of 2016)]

(c) any amount received by that registered micro business where that amount accrued to it prior to its registration as a micro business and that amount accrued was subject to tax in terms of this Act, and
(d) any amount received by that registered micro business from any person by way of a refund in respect of goods or services supplied by that person to that registered micro business.