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Do you know you might have to pay SARS provisional tax in February? Here's how to check if you do!

by , 01 January 2015
Provisional tax is a tax structure that lets you estimate and pay your taxes in two payments (one every six months).

This means the taxman gets regular payments from you. And you don't have to make one big payment at the end of the tax year.

Now, not everyone is a provisional taxpayer. Those who are, must make their next payment to SARS by 27 February 2015.

We often find that provisional taxpayers don't even know they meet the criteria for this tax and must pay SARS. This means they unknowingly neglect their tax obligations and are at risk of SARS penalties.

And you could be one of them...

Read on to find out if you meet the criteria for provisional tax so you can make payment in time and avoid penalties.

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If you meet this criteria, you're a provisional taxpayer and must pay SARS before 27 February

#1: Provisional Tax 101 says SARS considers you a provisional taxpayer if you're below 65 years old and you:
  • Earn taxable income other than your salary. And your taxable income exceeds the tax threshold;
  • Carry on a trade (for example, you run a stall at a weekend market); and
  • Earn more than R20 000 per year of taxable income because you rent out a fixed property, have local interest, foreign interest and foreign dividends.

#2: You're a provisional taxpayer if you're over 65 years old and you:
  • Earn taxable income other than your salary. Have local and foreign interest, foreign dividends and rent out fixed property. And your taxable income per year exceeds R120 000; and
  • Carry on a trade.
#3: All companies and close corporations are automatically provisional taxpayers.
Here's what you must do if you meet these criteria…

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If you meet the above criteria, you need to make sure you calculate your provisional tax correctly and pay it over to SARS on time

If you don't, SARS will penalise you for your late submission. It will also charge you for the incorrect calculation.
Luckily, you can make sure your calculation is correct if you use the right documents.
There are four documents you must use to calculate your provisional tax correctly. These are:
  1. An income statement (or an extract of your accounting records indicating profit/loss);
  1. Invoices (for income and expenses);
  1. A list of income items that aren't taxable (if applicable); and
  1. A list of expense items which aren't deductible (if applicable).
Bear in mind that these documents apply to companies. You can find the ten documents for individuals in Provisional Tax 101. This resource will also show you the forms you must use. And guide you on every aspect of provisional tax so you do everything correctly.
Now that you know the criteria for provisional tax, if you qualify, make your payment in February next year to avoid SARS penalties.

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