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Micro Business

Posted 5 October 2015

Hannes says:
5 October 2015 at 11:43

The First R200 000 dividends paid during the year of assessment by the micro business is exempt from dividends tax. The Micro Business cannot deduct any business expenditure. What does this mean, can I then not deduct vehicle expenses, donations, etc..

TaxTim TaxTim says:
5 October 2015 at 14:15

It means that turnover (receipts) is taxed on a sliding scale from 0% to 6%. No business expenditure can be deducted against the turnover to reduce the tax payable.

Dividends will be declared from the retained earnings of the company (i.e income less expenses less taxes)

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