Income Tax Act, 1962 (Act No. 58 of 1962)SchedulesSixth Schedule : Determination of Turnover Tax payable by Micro BusinessesPart III : Taxable Turnover7. Exclusions from taxable turnover |
The taxable turnover of a registered micro business does not include—
| (a) | in the case of a natural person, investment income; |
[Paragraph 7(a) of the Sixth Schedule substituted by section 89(1)(a) of the Taxation Laws Amendment Act, 2010 (Act No. 7 of 2010) - effective 1 March 2011]
| (b) | any amount exempt from normal tax in terms of section 10(1)(zK) or 12P; |
[Paragraph 7(b) of the Sixth Schedule substituted by section 65 of the Taxation Laws Amendment Act, 2016 (Act No. 15 of 2016)]
| (c) | any amount received by that registered micro business where that amount accrued to it prior to its registration as a micro business and that amount accrued was subject to tax in terms of this Act; and |
[Paragraph 7(a) of the Sixth Schedule substituted by section 89(1)(b) of the Taxation Laws Amendment Act, 2010 (Act No. 7 of 2010) - effective 1 March 2011]
| (d) | any amount received by that registered micro business from any person by way of a refund in respect of goods or services supplied by that person to that registered micro business. |
[Paragraph 7(d) of the Sixth Schedule inserted by section 89(1)(c) of the Taxation Laws Amendment Act, 2010 (Act No. 7 of 2010) - effective 1 March 2011]