Before you make your February provisional tax payment, take note of these three important points so everything runs smoothly
Attention provisional taxpayer: Your next provisional tax payment is due on 27 February 2015. That's just a few weeks away.
Making your payment can get tricky if you don't have the right information on your hands. And you could end up making costly mistakes.
We don't want you to experience any hassles.
That's why today, we're revealing three important points you must take note of before you make your February provisional tax payment.
Keep reading to find out what they are.
1. You must use an IRP6 to make your provisional tax payment
Take note of these three important points to avoid hassles when you make your February provisional tax payment
This is the only form SARS will accept.
On its website, SARS explains that it no longer issues IRP6 returns to provisional taxpayers.
You have to request the return via the following channels:
The SARS Contact Centre;
The SARS branch office; or
The Taxpayer Service Centre.
And you can submit your return using eFiling. It's more convenient and safe.
2. You must check that your return has the right info
Check these three items before you complete your provisional tax
Your year of assessment;
Payment period; and
Your historical details.
If you don't check, chances are, you'll submit an inaccurate return and SARS will penalise you.
Check out this article
for a complete breakdown of all these three items.
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3. Include the correct information when you make your calculation
In this article
, we explain that you must include these details in your calculation:
The total estimated tax for the full year;
Less your employees' tax paid for the full year;
Less any allowable foreign tax credits for the full year; and
Less the amount paid for the first provisional tax period.
Remember, if you underestimate your provisional tax, SARS will hit you with a 200% penalty.
It's crucial you pay your provisional tax on time
SARS warns that if you're liable for provisional tax, but fail to make payment, it will charge you penalties for not submitting the IRP6 at the time of the income tax return assessment. Make sure you pay on time.
We hope this information will help you make your February provisional tax payment without running into problems.
PS: Recommended Product: Provisional Tax 101.
It shows you everything you need to make your next provisional tax payment correctly.
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