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Are you a small business?
This question is very important, as it will have an impact on how SARS will assess your tax return. Qualifying small businesses receive reduced tax rate and better allowances when paying taxes.
Being a small business is not a objective matter, there is very clear requirements set by SARS.
- The type of entity: The business need to be a registered Closed Corporation, Co-op, or Private Company
- Type of shareholders or members: Only natural persons may be members/shareholders of the business.
- Other business interest for Shareholders: Those natural persons who are owners, may not also own any other interests in other businesses. This means may not be member of a 2de Closed Corporation, or own shares in another Private Company.
- Level of turnover: The annual gross income must be less or equal to 20 million rand. If the gross income is more, the business cannot qualify.
- Type of business income earned: The business may not earn more than 20% of its gross income from investment income or from personal services. A list of what is personal services is provided by SARS, but in essence this means you have to engage in retail or manufacturing activities.
If your business meets all off the above criteria, you will be seen as a small business by SARS. So what does this mean for you?
- Your first R73,650 of taxable income for the year will be tax free! Yes, SARS does not often give thing away for free, but this is one instance where they do.
- Your taxable income from R73,650 to R550,000 is taxed at a much reduced rate compared to normal companies paying tax.
- Your business is able to claim exhilarated tax allowances on their manufacturing assets.
- Tax free receipts when received from small business funding entities.
These benefits can amount to a substantial tax saving for small business entities. It is worth exploring if you can benefit from this.
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