Documents required for individuals:
You'll be paying a tax penalty of up to R4 000 to SARS on 28 February…
If you haven't submitted your provisional tax return by 28 February 2016, 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!
Proof of your business expenses;
Bank account statements (for the last three months at least;
Details regarding your medical aid expenses;
A list of retirement annuity contributions;
A list of donations to section 18(A) charities;
A logbook which documents private as well as business travel. Also, any expenses relating to maintenance, fuel, insurance and licensing; and
A list detailing all of your capital gains. This is because your capital gain could actually push you over the R1 million mark and into 'tier 2'. Click here to learn more…
Documents required for companies:
The documents required for a company are a lot simpler, as can be seen below…
An income statement, or an extract from your accounting records which indicate profits or losses;
Invoices for both income as well as expenses;
If applicable, a list of income items which are not taxable, as well as a list of expense items which are not deductible.
*Those were the different documents which are required to calculate provisional tax for individuals and companies.
So ensure that you have them all in order so as to ensure that you calculate provisional tax
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