The South African government has released a revised tax guide for small businesses for the 2023/24 fiscal year on 26 September 2024.
It deals with the taxation of small businesses such as sole proprietors, partnerships and companies not part of large groups. Some of the considerations in this guide could, however, be applicable to any type of taxpayer. The aim is to consider the typical taxation issues of an average business trading in South Africa.
The information in this guide concerning income tax relates to:
- Natural persons for the 2024 year of assessment commencing on 1 March 2023 and ending on 29 February 2024
- Trusts in respect of years of assessment commencing and ending during the period commencing on 1 March 2023 and ending on 29 February 2024; and
- Companies and close corporations with years of assessment ending during the 12-month period ending on 31 March 2024.
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