More formally known as a Small and Medium-Sized Enterprise. Definitions of what constitutes an SME can vary from country to country, and may even vary within a single country, depending on the context. In South Africa, for example, for the purposes of Capital Gains Tax an SME is a business having total net assets of under R5-million. However, for Income Tax purposes, it is a business with a turnover of less than R14-million (over and above other qualifying criteria).