Cecil Kilpin | April 2013 Newsletter

By |2022-01-21T12:38:58+02:00April 1st, 2013|Newsletter|

Tax Relief For Small Businesses: As you may be aware, in the 2013 budget speech, Minister Pravin Gordhan proposed that there would be further tax relief for small businesses, including an increase in the monetary tax thresholds applicable for small business corporations. There are specific criteria that apply for you to qualify as a small business, such as: all shareholders must be natural persons (individuals), and that the annual gross income must not exceed R20 million (up from R14 million). In addition, personal service providers are excluded and no more than 20% of gross income may come from investments or from rendering personal services. Shareholders are limited in respect of other business interests that they may hold. If your annual turnover is R1million or less, [...]