This course explores key tax rules applicable to small businesses in South Africa, including special provisions for Small Business Corporations, Micro Businesses, and Small Business Funding Entities. It also addresses capital gains tax on small business assets and compares tax implications of different business structures for small business owners.
Participants will gain an in-depth understanding of the income tax treatment of Small Business Corporations, Micro Businesses (under the Turnover Tax System), and Small Business Funding Entities, including qualifying criteria and available tax benefits or exemptions. The session also covers capital gains tax on small business assets and provides a comparative analysis of the tax advantages and disadvantages of incorporating versus operating as a sole proprietor or in a partnership, equipping attendees with practical insights for effective tax planning and business structuring.
Key Topics Covered:
• The Income Tax rules for:
o Small Business Corporations (qualifying criteria, special tax deductions)
o Micro Businesses (Turnover tax – qualifying criteria, special tax rules)
o Small Business Funding Entities (qualifying criteria, special exemptions)
• Small business assets and CGT
• Comparing the benefits for small business owners of incorporating a company or trading as a sole proprietor / in a partnership.
• Tax professionals
• Payroll administrators
• HR practitioners
• Finance managers
• Business owners who need to understand the tax treatment of bursaries and other educational incentives in the workplace.
