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Provisional Tax

  • Provisional taxpayers: Don't miss the upcoming third payment deadline
  • If you're a provisional taxpayer, this article is for you. We're here to remind you that the deadline for making your third payment is fast approaching and you need to make your payment on time. If you don't, you'll be opening the door to endless SARS audits and penalties. We know you can't afford to take that risk. So keep reading to discover when you need to make your third provisional ... ››› more
  • [22 September 2014]
  • Find out how to pay provisional tax so you can meet your 2014 tax deadline
  • The next provisional tax deadline is on the 28th of February 2014. If you're a provisional taxpayer, continue reading to find out how to pay provisional tax so you can meet your 2014 tax deadline and avoid hefty penalties and interest. Failing to comply with the law when paying your provisional tax will cost you up to 10% in penalties, interest and additional tax of 20% on the outstanding amount! ... ››› more
  • [03 December 2013]
  • What happens if you've made an overpayment of provisional tax?
  • As you know, failing to comply with the law when paying your provisional tax will cost you up to 10% in penalties, interest and additional tax of 20% on the outstanding amount. But do you know what happens when you've complied with your provisional tax obligations and have in fact paid more than your total liability? Read on to find out... If you've made an overpayment of provisional tax, you'l... ››› more
  • [02 December 2013]
  • Use this lifeline to avoid provisional tax penalties
  • If you haven't paid your provisional tax yet, you'll be glad to know there could be a way out. Use this lifeline to avoid provisional tax penalties... Failure to pay provisional tax could result in these penalties: Late submission penalties (also known as administrative non-compliance penalties); Late payment penalties (also known as administrative non-compliance penalties); and ... ››› more
  • [28 November 2013]
  • How does CGT affect provisional taxpayers?
  • If you sell or dispose of any assets, you can't escape Capital Gains Tax (CGT). What's more, if you calculate your CGT liability incorrectly, you'll be liable for tax penalties, plus interest. But what about provisional taxpayers? Are they affected by CGT too? CGT is a tax you pay on the profits you make on the disposal (sale) of your assets. If you're a provisional taxpayer and aren't sure... ››› more
  • [16 September 2013]
  • Revealed: 10 documents you need to calculate your provisional tax
  • Are you ready for your next provisional tax payment at the end of this month? If not, continue reading to make sure you have the ten essential documents that'll help you make the right payment to SARS every time. Provisional tax is a tax system that makes you estimate and pay your taxes in the form of two payments (one every six months), instead of having to pay one large sum at the end of the ... ››› more
  • [11 September 2013]
  • Do you fall into one of these three categories? If so, you're exempt from provisional tax
  • The provisional tax payment system is based on your submission of two compulsory provisional tax returns and payments. You can then submit a third voluntary provisional tax return and payment. Your provisional tax payments are advance payments for your normal tax liability for that year. But not everyone is allowed to pay provisional tax. You're exempt from provisional tax if you fall into one of ... ››› more
  • [03 September 2013]
  • You have just two days to get your provisional tax return to SARS!
  • If you haven't submitted your provisional tax return yet, you'll soon feel the wrath of SARS. Its Touching Lives campaign features stories on how funds collected via the tax systems have been applied to touch the lives of people in need, says iAfrica.com. And by not paying over your provisional tax in time - you have just two days - you'll actually end up paying more, due to administrative penalti... ››› more
  • [26 February 2013]
  • How to claim your medical tax credit correctly in your provisional tax return
  • Figuring out your medical aid contributions when submitting your tax return is tricky - even more so if it's on a provisional tax return. Should you deduct the amount you arrive at from your taxable income or not?With the provisional taxpayer deadline just two weeks away on 28 February, it's time to make sure you're accounting for your medical tax credit correctly... On 1 March 2012, medical tax c... ››› more
  • [18 February 2013]
  • Pay your capital gains tax when you dispose of assets to avoid tax avoidance penalties!
  • Britain's 'Big Four' accounting firms have come under fire for helping their clients avoid tax. Here at home, this year's Budget Speech on the 27th of February is likely to include a few changes to lower the risk of tax avoidance. One of the easiest ways to unintentionally commit tax avoidance is by not paying capital gains tax when you dispose of company assets. Here are the six asset types you'l... ››› more
  • [04 February 2013]
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