Turnover Tax - what to submit and when?

d0b33

d0b33

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Update:
Turns out turnover tax is such a nightmare even a tax practitioner I consulted suggested I avoid it.


I've tried searching for clarification on this but could not find any, if it's been answered before I'll delete this...

My company is registered for Turnover Tax, but I've yet to do a submission, these are questions I'd like answered if anyone could be so kind...

1) As I understand it there are 3 payment dates, but I would like to know when can I submit my TT02 forms. The financial year has now ended can I go to SARS and drop of my TT02 for period 1? and when is it ok to submit the TT02 for period 2?

2) Is the TT02 the only form I need to submit or will they also need a Recordkeeping workbook?

3), Do I have to submit in person or is online an option(e-filing)? and is the TT03 done through e-filing if my company is registered for e-filing?

Thanks in advance
 
Last edited:
hmmm... no one?

Guess Ill just have to visit SARS and find out the hard way :(
 
RichardG said:
Get an accountant to submit on your behalf. They would be more clued up
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Mike Smit said:
This...
I pay mine R800 PM and she takes care of whatever. I don't have time to deal with SARS myself.
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Turnover tax is meant to make things easier and reduce the need for an accountant... but if there are any in Cape Town that are recommended I'll give it a shot.
 
So... I paid SARS a visit to query this, the SARS lady seemed just as confused about turnover tax and added that I'm not TT registered on the system even though I have the receipt confirming turnover tax registration. So I asked about efiling and she could not confirm if I'm able to submit my turnover tax financial statements using efiling. :o

TT is meant to be simple yet everyone I seem to ask seems confused by it.

KingBel said:
http://www.sars.gov.za/TaxTypes/TT/Pages/default.aspx
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Yes, I've had a read through all of it.
 
Turns out turnover tax is such a nightmare even a tax practitioner I consulted suggested I avoid it.

...So now I'll be de-registering from turnover tax and seek better advice.
 
I'm a tax practitioner and have advised against TT since it was first announced. The only people punting it is SARS. I have yet to meet and accountant that will recommend it.
 
signates said:
I'm a tax practitioner and have advised against TT since it was first announced. The only people punting it is SARS. I have yet to meet and accountant that will recommend it.
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Yes... I learnt this the hard way.
 
signates said:
I'm a tax practitioner and have advised against TT since it was first announced. The only people punting it is SARS. I have yet to meet and accountant that will recommend it.
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Care to explain why? Looking at it on paper it looks like one pays less (much less) tax, or am I missing something
 
YingYang said:
Care to explain why? Looking at it on paper it looks like one pays less (much less) tax, or am I missing something
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Simple answer: Tax on turnover is a no-brainer. Most companies only make a taxable profit after a good few years. The tax breaks for SBCs are decent enough. Not all companies would be classified as an SBC though.
 
Depends on the Type of Business and the profit. I have some clients that save substantial amounts of Taxation using the Turnover Tax System. From my peers the Frustration is that everything on the Turnover Tax System is manual and we've grown used to using E-Filing for every submission and having 90% of our queries resolved with a simple phone call.
 
I was hoping to find the answer to your question here...

"You are now registered for TT as from the 2018 year of assesment..." But the next step? Nobody seems to know.
 
be careful
my SO got burnt when his previous accountant registered his business under this, only to find that since his is a "service" industry, TT does not apply, and suddenly hey presto, here are three years of recalculated tax at a MUCH higher rate
 
Hi, I've been registered for turnover tax since 2014. It's really simple. Accountants and tax practitioners advise against it, because it's so simple, there's little need for their services.

Yes, the only hassle is that it's not on e-filing. I complete TT03 online and print it out, put it in an envelope and drop it off at a SARS branch. It's worth it. Especially if you're a small business. Tax rates are much lower. Less admin. I don't need to pay an accountant, I just tally up my turnover each year.

Hope this helps.

http://www.sars.gov.za/TaxTypes/TT/How-Submit/Annual-Return/Pages/default.aspx

http://www.sars.gov.za/AllDocs/Documents/Small business/Turnover Tax.pdf

http://www.sars.gov.za/AllDocs/OpsD...stration of Turnover Tax - External Guide.pdf
 
Okay, so things have changed. There are no longer drop off boxes at the Sars branches.

The TT03 can be submitted via the following channels:
  • By visiting the nearest SARS branch or
  • By dropping it off at a SARS branch or
  • Posting it to SARS as TT03’s are processed at SARS Doringkloof, Centurion:
    • PO Box 436, Pretoria, 0001
 
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