“investment income” means-

(i)      any income in the form of annuities, dividends, foreign dividends, interest, rental derived in respect of immovable property, royalties, or income of a similar nature; and

[Paragraph (i) substituted by section 68 of Act 23 of 2018 effective on 17 January 2019]

(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;

[Paragraph (b) substituted by section 88 of Act 25 of 2015 and section 64 of Act 15 of 2016 effective on 19 January 2017]

‘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.