Understanding Turnover Tax 2022

Hey there, I thought long and hard about my early struggles in business and Turnover Tax was one of them. I made use of it for quite some time however it was always just a little bit confusing. Today, after many years I hope I can explain it in a way that would have helped me.
This isn't tax advice and unfortunately I don't cover how to fill in a TT02 or TT03 form for SARS. However, the forms are relatively simple.
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[@mpumim3303]

You are a lifesaver Andy, thanks a million for this, it really helped!

[@yerushkachetty7131]

Great video Andy, thank you! New subscriber.

[@michaelveltman6970]

This helped me so much, thanks Andy!

[@AndrewForte1]

Absolute pleasure

[@royaltyonline-coza]

Thanks Andy. Will look into this for my kids start up 😊

[@AndrewForte1]

Awesome!

[@nicolekallend561]

Thanks so much!

[@AndrewForte1]

A pleasure!

[@SipheSithole]

Thank you for the insightful video. Do farming activities disqualify one for turnover tax? Specifically poultry farming? Given all other requirements are met.

[@Wilyavan]

Hi Andy. Thank you for the very informative vids. Just need clarity.... Does turnover tax have any accounting requirements when submitting your tax returns with SARS?

[@clairehesom]

Hey, thank you for this helpful video! One question, if I fall into the 0% category does that mean I don't have to make any payments in Feb & August?

[@AndrewForte1]

It likely means no payments, but I do believe you still have to file a return.

[@mvmmediaprojects9647]

Hi Andy! Once approved for turnover tax, do you have to apply again the following year? Or are you registered indefinitely until you deregister?

[@AndrewForte1]

You are registered for good.

[@michaelveltman6970]

Andy, I'm struggling to submit the TT03 - what did you find was the best method to submit the return?

[@AndrewForte1]

As far as I know you have to hand submit or post it.

[@mosessentsho2889]

please help me on how to create a business website

[@aryanmaharaj4930]

Can you be a registered Pty Ltd and still register for Turnover tax ?

[@AndrewForte1]

Indeed, you can register for turnover tax as a Pty Ltd.!

[@kayedal-haddad]

Is Turnover Tax paid on top of a Corporation Tax in South Africa?

[@AndrewForte1]

Nope 🙂

[@kayedal-haddad]

@@AndrewForte1 what rate is it set at?