Harbour & Associates

Everywhere you look, even on SARS’ website, you will see that you can make a third (voluntary) provisional tax payment by 30 September for February year end entities and six months after the tax year end for other entities. Why would you want to do this? The tax for the previous year ending February falls due on 30 September even though the tax return does not have to be submitted until after that (end February the following year for companies). Any tax not paid by 30 September is subject to interest charges, currently at 7%, until paid. This…

So, you’ve read Company Basics and Trust Basics. Now here are some Tax Basics for companies. 1) There are three tax returns each year. The first and second provisional returns which must be submitted in August and February of the company’s tax year if the company year end is February, then the Annual Tax Return which is also submitted in February, but a year later. 2) The first and second provisional returns are based on the last assessed income, so until the company has…

Who must register as provisional tax payers – All companies and CCs All individuals over 65 who 1) are carrying on a business and whose taxable income exceeds the threshold or 2) whose income from interest, foreign dividends and retail exceeds R120 000 All individuals under 65 who 1) are carrying on a business and whose taxable income exceeds the threshold or 2) whose income from interest, foreign dividends and retail exceeds R20 000 1st Provisional Tax Payment (due 6 months into the tax year to which it applies) SARS determines the “basic…

Provisional Tax

How to submit a third provisional tax return

Tax basics

Provisional Tax Explained

Do you want to leave your cart?