HomeHome SearchSearch MenuMenu Our productsOur products

Before you complete your provisional tax return, check these three items to guarantee it's 100% accurate

by , 30 December 2014
February 2015 is just around the corner.

As a provisional taxpayer, one of the things you must do in February is submit your provisional tax return to SARS.

If you don't, SARS will charge you penalties.

Since that's a risk you can't afford to take, read on to find out the three items you must check before you complete your provisional tax return so you can submit an accurate one.


To submit an accurate provisional tax return to SARS, check these three items before you complete it

 
According to Provisional Tax 101, to complete your provisional tax return (IRP6), you must:
 
  • Log on to eFiling;
  • Click on 'Returns' and then 'Returns Issued';
  • Click on Provisional Tax; and
  • From the drop-down menu, select the provisional tax period and click the 'Request' button.
 
Your IRP6 will now show as a line item. At the end of the line, click on the underlined word 'Open'. After this, your return will appear so you can complete it.
 
Now before you complete it, you must check:
 
#1: That the year of assessment is correct. This way, everything will add up when you make your calculations.
 
#2: The second item you must check is the period.

There are three periods for paying provisional tax.
 
  • There's a first period – this is when you must make your payment on 31 August.
 
  • Second period – this is when you make payment on 28 February.
 
  • Then there's a third period – in this period, you make a voluntary top-up payment. The due date for payment is 30 September.
 
*********** Recommended Product ************
 
An easy way to get your Provisional Tax calculation done 100% correctly by 27 February

Order your copy of the Provisional Tax 101 report and SAVE 25% if you order in the next 5 days.

Find out how…
*************************************************
 

Here's the last item you must check you complete your provisional tax return

 
#3: The last item you must check is if your historical details are correct.
 
This includes:
 
  • The year of your previous assessment;
 
  • Your taxable income declaration for that year of assessment; and
 
  • The basic amount declaration for that year.
 
Please note that if, for example, SARS raised an assessment on your company in the last five years, your historical details will pre-populate on your return. But if your last assessment was five years ago or more, it will be blank. This will also be the case if you're a new provisional taxpayer.
 
Knowing what to check before you complete your provisional tax return will help you submit an accurate return and avoid penalties.
 
PS: Since completing a provisional tax return can be tricky, we advise you to checkout Provisional Tax 101. It shows you the whole process and covers provisional tax from start to finish.
 


Related articles




Related articles



Related Products



Comments
0 comments


Recommended for You 

  Quick Tax Solutions for Busy Taxpayers – 35 tax answers at a glance



Here are all the most interesting, thought-provoking and common tax questions
asked by our subscribers over the last tax year – everything from A to Z!

To download Quick Tax Solutions for Busy Taxpayers – 35 tax answers at a glance click here now >>>
  Employees always sick? How to stop it today



Make sure you develop a leave policy to regulate sick leave in your company.

BONUS! You'll find an example of the leave policy and procedure in this report.

To download Employees always sick? How to stop it today click here now >>>
  Absenteeism: Little known ways to reduce absenteeism



This FREE e-report will tell you how you can reduce absenteeism in your workplace while avoiding the CCMA and without infringing your employees' labour rights.

To download Absenteeism: Little known ways to reduce absenteeism click here now >>>
  7 Health & safety strategies to save you thousands



Don't let a health and safety incident cost you one more cent. Implement these seven
strategies in your company today.

To download 7 Health & safety strategies to save you thousands click here now >>>