Tip 1: Use eFiling
Submit your provisional tax return before tomorrow's deadline with these two tips
It's fast, safe, instant, reliable and more convenient.
You don't have to go to a SARS branch, you can do everything online in minutes.
Simply follow these 13 steps to file your provisional tax
return in just five minutes:
Step #1: Log in to eFiling.
Step #2: Click on 'Returns' and then 'Returns Issued'.
Step #3: Click on Provisional Tax (IRP6).
Step #4: From the drop-down menu, select the provisional tax period and click the 'Request' button.
Step #5: Choose to open the IRP6 with either Flash Player or ADOBE reader.
Step #6: Check your personal details are correct.
Step #7: Check if your 'Historical Details' are correct.
Step #8: Make your estimate and indicate how much you owe SARS.
Step #9: Check the total amount payable.
Step #10: Complete the payment details.
Step #11: Make your declaration.
Step #12: Save your return.
Step #13: Send the return to SARS.
You'll get a full breakdown of all these steps here.
Another advantage to using eFiling is it allows you to correct errors quickly. And avoid SARS penalties. Under the returns history section, you can recall your return on the same day if you realise you made an error when submitting it.
Keep reading to discover your next tip…
*********** Advertisement ************
You'll be paying a tax penalty of up to R4 000 to SARS on 27 February 2015…
If you haven't submitted your provisional tax return by 27 February 2015, then SARS will add a R4 000 penalty to your tax bill…
Errors mean double penalties – one for the error, and one for not following the rules!
Don't know where to start?
Or how to calculate the tax?
to get your hands on a tell-all guide today! It'll walk you through every step in the provisional tax process, so you'll never put a foot wrong again!
Tip 2: Use the correct method to work out your payment
As you know, the provisional tax return you must submit before the Friday deadline is for your second payment.
To work out your second payment correctly, estimate your total taxable income for the tax year, explains Anthea Scholtz in this article.
'Calculate the tax liability on it (after applying tax rebates) and then deduct from this amount any employees' tax paid for the full year, any provisional tax paid to date for the tax year. And any foreign tax credits you may qualify for in respect of the full tax year.'
Overall, your calculation must include:
The total estimated tax for the full year;
Minus your employees' tax paid for the full year;
Minus any allowable foreign tax credits for the full year; and
Minus the amount paid for the first provisional tax period.
If you don't meet tomorrow's provisional tax deadline, SARS WILL charge you penalties
SARS will impose these two penalties on you if you don't pay your provisional tax on time:
Late submission penalties; and
Late payment penalties.
It could also hit you with penalties if you underestimate your provisional tax. So use the method above to make sure your calculation is correct.
There you have it: Using these tips will help you submit your provisional tax return quickly and painlessly, meet tomorrow's deadline and avoid SARS penalties.
PS: Recommended Product: Provisional Tax 101.
It shows you everything you need to make your provisional tax payment correctly.