Category: Paragraph 7 (Sixth Schedule) – Exclusions from taxable turnover

Paragraph 7

 

  1. Subparagraph (a) substituted by section 89 of Act 7 of 2010 effective on 1 March 2011.

 

  1. Subparagraph (b) substituted by section 115 of Act 31 of 20113 effective on 1 January 2013.

 

  1. Subparagraph (c) amended by section 89 of Act 7 of 2010 effective on 1 March 2011.

 

  1. Subparagraph (d) added by section 89 of Act 7 of 2010 effective on 1 March 2011.

Paragraph 7 (Sixth Schedule) – Exclusions from taxable turnover

Posted on by admin_kmos

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.