When completing your Companies tax return, do you qualify for Small Business Tax

In order to qualify for Small Business Tax you need to pass the following criteria

Is your business Turnover/Gross Revenue/Total Income/Revenue Line/Fees less than R20 million per year? Yes or No?
Are all the shareholders in your business all-natural persons? ie They are not trusts, or other companies, or close corporations. Yes or No?
Does each shareholder only own interest in one business? So you can’t have a shareholder with multiple holdings in other companies (investment is different so speak to your tax consultant) Yes or No?
Does less than 20% of your turnover come from “investment” income? So does more than 80% of the income in the company comes from something other than interest received, dividends received etc? Yes or No?
Is less than 20% of your income from rendering a “personal” service? So basically personal service is when you work as an individual through a company, but you only get money from one client, ie you should be an employee. Yes or No?

If you have answered YES to all the above questions your business could be making massive Income Tax savings.

Contact My Guys to “have a look”

Should you feel confident that you meet all the criteria above, you can find the latest SMB rates here on the SARS website.