13.     AMOUNTS RECEIVED BY A CONNECTED PERSON MAY BE INCLUDED IN QUALIFYING TURNOVER

The total amount received from carrying on business activities by a connected person in relation to a person described in paragraph 2(1)(a) or (b) must be included in the qualifying turnover of that person for purposes of applying paragraph 2–

[Words preceding paragraph (a) substituted by section 92 of Act 25 of 2015 effective on 8 January 2016]

(a)     the connected person carries on business activities that should properly be regarded as forming part of the business activities carried on by that person; and

(b)     the main reason or one of the main reasons for the connected person carrying on business activities in the way that the connected person does is to ensure that the qualifying turnover of that person does not exceed the amount as described in that paragraph.

14.     RECORD KEEPING

 

Notwithstanding the provisions of Part A of Chapter 4 of the Tax Administration Act, a registered micro business must only retain a record of-

 

(a)     amounts received by that registered micro business during a year of assessment;

 

(b)     dividends declared by that registered micro business during a year of assessment;

 

(c)     each asset of that registered micro business as at the end of a year of assessment with a cost price of more than R10 000; and

 

(d)     each liability of that registered micro business as at the end of a year of assessment that exceeded R10 000.