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Use these four documents to calculate your provisional tax correctly and avoid SARS penalties

by , 05 January 2015
Your next provisional tax deadline is coming up in February 2015.

That's not actually that far away.

That's why today we'll tell you about the four documents you must use to calculate your provisional tax.

Without them, your provisional tax calculation will be incorrect. And SARS won't think twice about charging you a 200% penalty for this.

Don't take that risk.

Find out what these four documents are so you can calculate your next provisional tax payment correctly and avoid SARS penalties.


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Here are the four documents you must use to calculate your provisional tax correctly
 

To calculate your provisional tax correctly, you need:
 
  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).
 
Please note that these documents apply to companies and Trusts. If you need documents for individuals, check out Provisional Tax 101.
 

SARS is very strict when it comes to provisional tax

 
Making sure your calculation is correct isn't the only thing that's important. It's also crucial that you submit your return on time.
 
If you submit your provisional tax return late, SARS will slap you with penalties.
 
So the fact that your calculation is correct won't save you from SARS penalties if your return is late. You must calculate provisional tax correctly and submit on time.
 
There you have it: Using these four documents will help you calculate your next provisional tax correctly and avoid SARS penalties.
 
PS: Because there's still so much more you need to know about provisional tax, we advise you to check out Provisional Tax 101. It shows you:
 
  • How to calculate your provisional tax in seven steps;
  • How to complete your provisional tax return (IRP6) via eFiling;
  • How to correct errors – or check on the status of your return;
  • How to check if your account with SARS is paid up; and
  • So much more.


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