Income Tax Act, 1962 (Act No. 58 of 1962)SchedulesSixth Schedule : Determination of Turnover Tax payable by Micro BusinessesPart IV : Registration10. Compulsory deregistration |
| (1) | A registered micro business must notify the Commissioner within 21 days from the date on which— |
| (a) | the qualifying turnover of that registered micro business for a year of assessment exceeds the amount described in paragraph 2, or there are reasonable grounds for believing that the qualifying turnover will exceed that amount; or |
| (b) | that registered micro business is disqualified in terms of paragraph 3. |
| (2) | The Commissioner must, subject to subparagraph (3), deregister a registered micro business with effect from the beginning of the month following the month during which the event as described in subparagraph (1)(a) or (1)(b) occurred. |
[Paragraph 10(2) of the Sixth Schedule substituted by section 116 of the Taxation Laws Amendment Act, 2013 (Act No. 31 of 2013), GG 37158, dated 12 December 2013]
| (3) | If the increase in the qualifying turnover of that person to an amount greater than the amount described in paragraph 2 is of a nominal and temporary nature, the person must apply to the Commissioner for a decision whether the person must remain a registered micro business or not. |
[Paragraph 10(3) of the Sixth Schedule substituted by section 90 of the Taxation Laws Amendment Act, 2015 (Act No. 25 of 2015)]
| (4) | [Paragraph 10(4) of the Sixth Schedule deleted by section 100(1) of the Taxation Laws Amendment Act, 2011 (Act No. 24 of 2011) - effective 1 March 2012] |