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You write off all assets bought for manufacture, over three years at 50/ 30/ 20 depreciation.

Income Tax and my Small Business, what should I focus on?

Most importantly – ALL businesses are required to register for Income Tax with the South African Revenue Service (SARS) AND are required to submit an Income Tax return regardless of whether they make a profit of not!

Small Businesses are required to follow the same tax processes as medium or large businesses, however small businesses can reduce their Income Tax if they qualify as a Small Business Corporation (SBC).

So…., I bet you’re wondering if the Income Tax savings are worth the trouble of finding out?

trade-2

You write off all assets bought for trade, in the year of purchase. ie 100% depreciation in
year 1.

assets

You write off all assets bought for manufacture, over three years at 50/ 30/ 20
depreciation.

And now that you see the savings are worth it, you’re probably wondering if your business qualifies as a SBC?

You must answer YES to ALL these questions to qualify

income

Your business’ Gross Income* is R20 million or less in the year ending end Feb

for-sale-sign

Your business is not a Personal Service Provider*

owner

You and the other owners are people (not companies)

shop

You and the other owners are not involved in other companies

prof.service

Not more than 20% of the business income comes from Professional Services

reg

The business must be registered as a private company, co-op or a CC

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