Which of the following statements about turnover tax is incorrect?

a$.$

Taxable turnover includes cash receipts not of a capital nature from carrying on business activities in the Republic of South Africa.

b$.$

A company and a close corporation is disqualified as a micro business if the year of assessment ends on a date other than the last day of February.

c$.$

Qualifying turnover only refers to receipts and not to amounts accrued.

d$.$

Any natural person, company, trust or close corporation with a qualifying turnover of less than R$1$ million may elect to be taxed on the turnover tax system.