Page 353 - SAIT Compendium 2016 Volume1

Sixth Schedule INCOME TAX ACT 58 OF 1962 Sixth Schedule
9 Voluntary deregistration
(1) A registered micro business may elect to be deregistered before the beginning of a year of assessment or such later date during that year of assessment as the Commissioner may prescribe by notice in the Gazette.
(2) A registered micro business that elects to be deregistered under subparagraph (1) must be deregistered by the Commissioner with effect from the beginning of that year of assessment.
(3) . . .
[Sub-para. (3) deleted by s. 72 (1) of Act 43 of 2014 – date of commencement: 1 April 2016; the deletion applies iro years of assessment commencing on or after that date.]
10 Compulsory deregistration
(1) A registered micro business must notify the Commissioner within 21 days from the date on which—
(a) the qualifying turnover of that registered micro business for a year of assessment exceeds the amount described in
paragraph 2, or there are reasonable grounds for believing that the qualifying turnover will exceed that amount; or
(b) that registered micro business is disquali ed in terms of paragraph 3.
(2) The Commissioner must, subject to subparagraph (3), deregister a registered micro business with effect from the beginning of the month following the month during which the event as described in subparagraph (1) (a) or (1) (b) occurred.
[Sub-para. (2) substituted by s. 116 of Act 31 of 2013 – date of commencement: 12 December 2013.]
(3) If the increase in the qualifying turnover of that person to an amount greater than the amount described in paragraph 2 is of a nominal and temporary nature, the person must apply to the Commissioner for a decision whether the person
must remain a registered micro business or not.
[Sub-para. (3) substituted by s. 90 of Taxation Laws Amendment Act, 2015 – date of commencement: date of promulgation of Taxation Laws Amendment Act, 2015.]
(4) . . .
[Sub-para. (4) deleted by s. 100 (1) of Act 24 of 2011 – this deletion comes into operation as from the commencement of years of assessment commencing on or after 1 March 2012.]
PART V ADMINISTRATION (paras. 11–12)
11 Interim payments
(1) A registered micro business must, within six calendar months from the rst day of the year of assessment— (a) estimate the taxable turnover for the year of assessment;
(b) calculate the amount of tax payable on the estimated taxable turnover; and
(c) pay an amount equal to 50 per cent of the amount of tax so calculated.
(2) The estimate described in paragraph (1) (a) may not be less than the taxable turnover of the previous year of assessment unless the Commissioner, on application by the taxpayer and having regard to the circumstances, approves a lower estimate.
[Sub-para. (2) substituted by s. 91 of Taxation Laws Amendment Act, 2015 – date of commencement: date of promulgation of Taxation Laws Amendment Act, 2015.]
(3) Where full payment of the amount described in subparagraph (1) (c) is not received by the Commissioner within six calendar months from the rst day of the year of assessment, interest at the prescribed rate is payable from the rst day after the six calendar months to the earlier of the date on which the shortfall is received and the last day of the year of assessment.
(4) A registered micro business must, by the last day of the year of assessment— (a) estimate the taxable turnover for the year of assessment;
(b) calculate the amount of tax payable on the estimated taxable turnover; and
SAIT CompendIum oF TAx LegISLATIon VoLume 1 345
Prelex
Wording of sub-para. (3) in force until its deletion wef 1 April 2016
(3) A registered micro business must not be deregistered in terms of subparagraph (2) unless it has been a registered micro business for a period of at least three years.
Prelex
Wording of sub-para. (3) in force until its substitution wef date of promulgation of Taxation Laws Amendment Act, 2015
(3) The Commissioner may direct that a person remains a registered micro business if the Commissioner is satis ed that the increase in the qualifying turnover of that person to an amount greater than the amount described in paragraph 2 is of a nominal and temporary nature.
Prelex
Wording of sub-para. (2) in force until its substitution wef date of promulgation of Taxation Laws Amendment Act, 2015
(2) The estimate described in paragraph (1) (a) may not be less than the taxable turnover of the previous year of assessment unless the Commissioner, having regard to the circumstances, agrees to accept the lower estimate.
Pendlex
[NB: Sub-para. (3) has been deleted by s. 271 of the Tax Administration Act 28 of 2011, a provision that will be put into operation by proclamation.]
INCOME TAX ACT – SCHEDULES