DON’T BE FOOLED!
Warning: New Turnover Tax from SARS could be SARS’s way of ripping you off!
Remember the saying: When it sounds too good to be true, it probably is!
Why would SARS offer you a New Tax System if they were going to make less money?
Of course they are going to make more money out of Turnover Tax!
And this is how they are going to do it:
The only reason SARS can give is that you may need to fill in 7 or so less TAX FORMS!
But who cares?
R33 430 is the ONLY TAX this business pays
Turnover Tax system:
Small CC business turning over R999 999 per year
has no profit after expenses and member draws salary of R200 000 and pays R33 430 on salary
R33 430 PLUS R37 930 TURNOVER TAX =
R71 360 is the TOTAL TAX this business pays!!
Now please, where is the benefit in that?
Government should be sent away ashamed of itself for such brazen greed and deception with its tail between its legs, to go think up some other scam to throw at the rich for a change…
Small businesspeople are going to have to do their calculations VERY carefully before jumping into the turnover tax system boots and all!