Category Centre - Self-employed Persons/Sole Traders
FOR SELF-EMPLOYED PERSONS/SOLE TRADERS
This is a summary of specific taxes which may be applicable to the Sole-trader or Self Employed person and the dates upon which they are due and payable. Self employed persons include Taxi Drivers, suitcase traders, vendors, hairdressers, tradesmen etc.
A Partnership comprises two or more sole-traders. Therefore the responsibilities of the partners in a partnership are also included hereunder -
||First quarterly instalments due and payable in respect of Income Tax, Health Surcharge and Business Levy.
||Your Income Tax Return for previous year is due. Payment of all outstanding taxes for the previous Income Year is due and payable.
||Interest accrues on all outstanding liabilities at the rate of 20% per annum.
Second Quarterly Instalment due and payable in respect of Income Tax, Health Surcharge and Business Levy.
||Third Quarterly Instalment due and payable in respect of Income Tax, Health Surcharge and Business Levy.
||The last day for filing your previous year Income Tax Return without accruing a penalty for late filing.
||An Income Tax return attracts a penalty of $100 for every six months it remains outstanding after this date.
||Fourth Quarterly Instalment due and payable in respect of Income Tax, Health Surcharge and Business Levy.
Current Quarterly Tax Rates 2009
Chargeable Income/Profits - 25%
Income more than $469.99 per month - $8.25 per week
Income less than $470.00 per month - $4.80 per week
Sole traders whose sales or receipts are in excess of $200,000 per annum are liable to Business Levy (BLV). The current rate of BLV is 0.2%
The Partnership pays only one tax - Green Fund Levy.
The current rate is 0.1%
SEE Small Business Person Booklet