Tax for Small Business Course

In this session, we will discuss information about the tax laws and some other statutory obligations applying to small businesses, describing some of the forms of business entities in South Africa, namely sole proprietorships, partnerships, CCs and private companies.

Topics Discussed:

• General characteristics of different types of business
  • Sole proprietorship
  • Partnership
  • Close corporation
  • Private company
• Other types of business entities
  • Small business corporation
  • Micro business (turnover tax)
  • Personal service provider
  • Labour broker
  • Independent contractor
• A business and the South African Revenue Service:
  • Income Tax and Provisional Tax
  • Connection between “net profit” and “taxable income”
  • Special allowances, deductions or recoupments
  • Prohibited Deductions
  • Rebates
  • Tax Relief Measures
  • Exemptions
  • Capital Gains Tax