Income Tax Act, 1962 (Act No. 58 of 1962)

Schedules

Sixth Schedule : Determination of Turnover Tax payable by Micro Businesses

Part VI : Miscellaneous

14. Record keeping

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Notwithstanding the provisions of Part A of Chapter 4 of the Tax Administration Act, a registered micro business must only retain a record of—

[Words preceding paragraph 14(a) substituted by section 271, read with paragraph 101 of Schedule 1, of the Tax Administration Act, 2011 (Act No. 28 of 2011)]

(a)amounts received by that registered micro business during a year of assessment;
(b)dividends declared by that registered micro business during a year of assessment;
(c)each asset of that registered micro business as at the end of a year of assessment with a cost price of more than R10 000; and
(d)each liability of that registered micro business as at the end of a year of assessment that exceeded R10 000.