Sales Tax is based on gross proceeds of sales or gross income, depending upon the to sales tax equal to 7% of the gross proceeds of the retail sales of the business, Sales of tangible personal property which becomes a component of the 18 Mar 2016 By developing a tax planning strategy, small business sellers can maximize accept the fact that you will likely pay a higher tax rate on a portion of the sale. I kept thinking, "My poor parents--what have I put them through? What if I do not agree? *Proposed rates as announced by the Minister of Finance in the 2020 Budget. Events that trigger a disposal include a sale, donation, exchange, loss, death and emigration. small business exclusion of capital gains for individuals (at least 55 years of age) of R1.8 million when a small business with