Taxation on profit for sole proprietor?
By Marc Sevitz · Updated
am I correct with the above calculation or will I need to still pay the tax of R2254?
The rebate is an annual amount which needs to be used for the whole year. Is your income R12 523 for the whole year or per month.
The business is fairly new and that was the profit after expenses but before tax. The amount was for the tax year.
Then you will not need to pay any tax. The full amount will be taken up by the rebate. Assuming the business is in your name and not a registered entity.