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Am I a provisional taxpayer? Find out here...

by , 15 June 2016
Am I a provisional taxpayer? Find out here...In the past, you had to be a provisional taxpayer, in which you made provisional payments during the tax year - based on their estimated taxable income.

But things have changed now, and you can either be a provisional or a non-provisional taxpayer.

But how can you know exactly which one you are?

The answers are here, as I have set up two quick checklists to help you find out.

So keep reading to see what they are...

*****ADVERTISEMENT*****

Do you...

1.    Structure your salary to pay less tax?
2.    Claim tax deductions on your expenses?
3.    Rely on your accountant or tax consultant to do your taxes?
4.    Charge Vat?
5.    Pay tax provisionally?

If so, then you're just another one of several companies that could be committing financial suicide.

Click here for more details...
 
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SECTION A: Non-provisional taxpayers


You will be a non-provisional taxpayer if:

1.       You're younger than 65 on the last day of the tax year and don't have any business income. But only if your taxable income is less than the threshold per year and if your taxable income from interest, dividends and rent from properties is less than R20 000 per year
 
2.       You're 65 or older on the last day of the tax year and their taxable income is less than R120 000 for the year. Also, the income mustn't be in the form of business income and it mustn't come from any other form other than remuneration, interest, property rental or dividends.
 
NOTE: Because some of you are no longer a provisional taxpayer anymore, your remuneration now falls under PAYE.
 

SECTION B: Provisional taxpayers


You're a provisional taxpayer if:

1.       You earn income from a source other than a formal job;
 
2.       You're a company;
 
3.       You earn more than R20 000 in taxable income on interest or dividends on investments. It can also be income from renting properties or running a private business. It all qualifies for provisional tax.
 

*To learn more on provisional tax, page over to Chapter P 01 in your Practical Tax Loose Leaf Service handbook, or click here to order your copy today.


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