5.    TAXABLE TURNOVER

 

The taxable turnover of a registered micro business in relation to any year of assessment consists of all amounts not of a capital nature received by that registered micro business during that year of assessment from carrying on business activities in the Republic, including amounts described in paragraph 6 and excluding amounts described in paragraph 7, less any amounts refunded to any person by that registered micro business in respect of goods or services supplied by that registered micro business to that person during that year of assessment or any previous year of assessment.

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).

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;

[Subparagraph (b) substituted by section 115 of Act 31 of 2013 and section 65 of Act 15 of 2016 effective on 19 January 2017]

(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.