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tax liability on a small business income

Posted 6 May 2016

R1 says:
6 May 2016 at 12:16

My turnover for my small business was R2 610 525
my loss after expenses was -R793 994
how much tax must I pay?

TaxTim TaxTim says:
6 May 2016 at 12:34

If you have a loss, then there will be no tax payable.
However, you need to ensure all the expenses are business related and incurred in the production of your income.
You also need to ensure you have proper accounting records to substantiate the loss and have valid supporting documents for all your expenses in the event that SARS audits you.

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