HomeHome SearchSearch MenuMenu Our productsOur products

Pay your provisional tax by close of business today or prepare to face penalties

by , 28 February 2014
If you're a provisional taxpayer, today's the last day to make your payment. But, there's no need to panic if you haven't paid the amount due. Here's what you need to do to avoid penalties.

********************

An easy way to get your Provisional Tax calculation done 100% by the end of today
 
Order your copy of the Provisional Tax 101 report and SAVE 25%.
 
 

********************

You have less than 24 hours to pay your provisional tax, make sure you meet today's deadline


The deadline for provisional tax is today.

SARS clearly states that:

  • The first provisional tax payment must be made within six months of the start of the year of assessment for 28 February or six months after the approved financial year end date .
  • The second payment must be made no later than the last working day of the year of assessment ending 28 February.
  • The third payment is voluntary and can be made:
  1. Within seven months of the year of assessment, where the year of assessment ends in February, which is 30 September and
  2. Within six months of the year of assessment, in any other case.


We'll remind you once again that 'provisional tax isn't an additional tax. It's just another way to settle your tax liability.'

In fact, SARS stresses that this method ensures that you don't pay large amounts on assessment, as the tax load is spread over the relevant year of assessment.

So what do you need to do to pay your provisional tax?

According to FSP Business, the first step is to open your provisional tax return (IRP6 form) on SARS's eFiling site.

Once you've checked your pre-populated personal details on the IRP6 form, you'll need to estimate how much you owe SARS.

SARS' website will then automatically calculate the total amount you owe SARS and pre-populate this on your IRP6 form. Once complete, you'll receive a message confirming that your provisional tax return has been filed.

Warning: Failure to pay your provisional tax today will result in the following penalties.

Experts at the Accounting &Tax Club warn that SARS imposes these three penalties when it comes to provisional tax:

  • Late submission penalties
  • Late payment penalties
  • Penalties based on under-statement of liability.

To avoid these penalties, make sure you submit your provisional tax return by close of business today. Time isn't on your side.

Enjoyed this article? Subscribe to receive these free articles in your inbox daily.



Related articles




Related articles



Related Products



Comments
0 comments


Recommended for You 

  Quick Tax Solutions for Busy Taxpayers – 35 tax answers at a glance



Here are all the most interesting, thought-provoking and common tax questions
asked by our subscribers over the last tax year – everything from A to Z!

To download Quick Tax Solutions for Busy Taxpayers – 35 tax answers at a glance click here now >>>
  Employees always sick? How to stop it today



Make sure you develop a leave policy to regulate sick leave in your company.

BONUS! You'll find an example of the leave policy and procedure in this report.

To download Employees always sick? How to stop it today click here now >>>
  Absenteeism: Little known ways to reduce absenteeism



This FREE e-report will tell you how you can reduce absenteeism in your workplace while avoiding the CCMA and without infringing your employees' labour rights.

To download Absenteeism: Little known ways to reduce absenteeism click here now >>>
  7 Health & safety strategies to save you thousands



Don't let a health and safety incident cost you one more cent. Implement these seven
strategies in your company today.

To download 7 Health & safety strategies to save you thousands click here now >>>