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

Schedules

Sixth Schedule : Determination of Turnover Tax payable by Micro Businesses

Part III : Taxable Turnover

6. Inclusions in taxable turnover
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The taxable turnover of a registered micro business includes—

(a)50 per cent of all receipts of a capital nature from the disposal of—
(i)immovable property, mainly used for business purposes, other than trading stock; and

[Paragraph 6(a)(i) of the Sixth Schedule substituted by section 88(1)(a) of the Taxation Laws Amendment Act, 2010 (Act No. 7 of 2010) - effective 1 March 2011]

(ii)any other asset used mainly for business purposes other than any financial instrument; and

[Paragraph 6(a)(ii) of the Sixth Schedule substituted by section 88(1)(a) of the Taxation Laws Amendment Act, 2010 (Act No. 7 of 2010) - effective 1 March 2011]

(b)in the case of a company, investment income (other than dividends and foreign dividends).

[Paragraph 6(b) of the Sixth Schedule substituted by section 98(1) of the Taxation Laws Amendment Act, 2011 (Act No. 24 of 2011) - effective 1 April 2012]

(c)[Paragraph 6(c) of the Sixth Schedule substituted by section 88(1)(c) of the Taxation Laws Amendment Act, 2010 (Act No. 7 of 2010) - effective 1 March 2011]