| (b) | was included in that person’s taxable turnover for that year of assessment; and |
| (c) | accrues to that person when it is no longer a registered micro business, that amount must not be taken into account as a receipt or accrual for purposes of determining the taxable income of that person. |
| (a) | accrued to a person when it was a registered micro business; |
| (b) | would have been included in that person’s taxable turnover had it been received on the date that it accrued; and |
| (c) | is received by that person when it is no longer a registered micro business, |
ten per cent of that amount must be included in the taxable income of that person for the year of assessment in which it is received.
[Section 48C(2)(c) substituted by section 67 of the Taxation Laws Amendment Act, 2015 (Act No. 25 of 2015)]
| (3) | Where a registered micro business is deregistered, any trading stock held and not disposed of by it as at the date with effect from which it is deregistered shall, for purposes of the application of section 22, be deemed to have been trading stock held and not disposed of by it at the beginning of the year of assessment within which that date falls. |
| (4) | Where in the course of a year of assessment a registered micro business is deregistered in terms of paragraph 10(2) of the Sixth Schedule and a person becomes liable for payment of tax in terms of section 5 in respect of the taxable income of that deregistered micro business, that person is exempt from any penalties for underpayment of tax for which that person, solely as a result of becoming so liable in respect of that taxable income, would otherwise become liable under the Fourth Schedule to this Act or Chapter 15 of the Tax Administration Act. |
[Section 48C(4) inserted by section 3(1) of the Tax Administration Laws Amendment Act, 2017 (Act No. 13 of 2017]
