How do you enter Turnover tax in quick books? its 4% of all revenue in our country. Its not paid by the customer like sales tax but by the business on the total revenue?

Hi there, Chawe.

I understand the importance of complying with the government's rules and laws. That said, I have something to share about turnover tax in QuickBooks Online.

According to the turnover tax system, microbusiness owners frequently pay less tax than they would under the conventional tax system. Depending on your turnover, you may not be required to pay tax. The following is the minimum tax threshold for the 2020–2021 tax year:

• R83,100 is the average microbusiness minimum taxable income.
• R335,000 is the minimum taxable income amount for turnover tax.

In other words, you won't have to pay any tax under the turnover tax unless your revenue for the fiscal year surpasses R335,000. This is a lot higher than the minimal tax threshold under the current tax system, which is R83,100.

Once verified, you'll want to register for turnover tax by following the steps below:

1. Do a quick test on the SARS website to see if you qualify for turnover tax.

2. Fill in the TT01 form:

TT01 – Application for Turnover Tax form (Manual completion)
TT01 – Application for Turnover Tax form (Online completion)

Moreover, I highly recommend seeking an accountant's help. They'll be able to share their ideas and methods for incorporating them into the system. Thus, we can ensure it's the best for your situation.

See this article to learn more about payment dates for turnover tax and keeping receipts: How to simplify your business expenses with turnover tax.

Feel free to check out this link for more topics: QuickBooks Q & A for QBO International. This will guide you through your QuickBooks tasks.

Let me know if you have follow-up questions concerning taxes. I'm always here to help. Take care always.