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