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 In News

smallbusinesstaxbreaksSmall businesses can be happy with SARS as they have kept true to their word and have continued in their quest to reduce taxes on this very important sector of our economy.

Things to look out for in 2015:

Taxable Income                               Rates of Tax

R          0 – R 70 700                 Nil
R  70 700 – R 365 000            7% of the amount over R  70 700
R 365 001 – R 550 000           R 20 601 + 21% of the amount over R 365 000
R 550 001+                               R 59 451 + 28% of the amount over R 550 000

Gross Income

Small business Turnover remains at R20 million per annum as in 2014

Investment Incentive

The full cost of any asset used in a process of manufacture and brought into use for the first time on or after 1 April 2001, may be deducted in the tax year in which the asset is brought  into use. As from 1 April 2005, all other depreciable assets are written off on a 50:30:20 basis

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