Four tips to help you pay your provisional tax seamlessly by 27 February 2015

Simangele Mzizi, Fsp Business, 07 Jan. 2015

Tags: how to calculate provisional tax, calculating provisional tax, provisional tax, paying provisional tax

If you’re a provisional taxpayer, you have to make your next payment on 27 February 2015.

While provisional taxpayers have to make these payments every year, we often find that they struggle. For example, they calculate their tax incorrectly and don’t know what to include in their calculation.

As a result, SARS slaps them with heavy penalties after submitting returns.

Luckily, you can avoid starting 2015 on a bad note.

And that’s because today, we reveal four tips to help you pay your provisional tax with ease on 27 February.

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Provisional tax tip 1: To submit an accurate provisional tax return to SARS, check these three items before you complete it

  1. Your year of assessment;
  2. Payment period; and
  3. Your historical details.
View this article to get a complete breakdown of all these three items.
Provisional tax tip 2: Use the correct documents to calculate your provisional tax
There are four documents you must use to calculate your company’s provisional tax.
If you’re an individual taxpayer, there are ten documents you must use for your calculation.
Without the correct documents, your provisional tax calculation will be incorrect. As a result, SARS will charge you penalties.
You can find the documents for companies and individuals in Provisional Tax 101.
Provisional tax tip 3: Know what to include in your calculation
In this article, we explain that if you underestimate your provisional tax, SARS will hit you with a 200% penalty.
To avoid underestimating your provisional tax and getting a hefty fine, include these items in your calculation:
  • The total estimated tax for the full year;
  • Less your employees’ tax paid for the full year;
  • Less any allowable foreign tax credits for the full year;
  • Less the amount paid for the first provisional tax period.
Provisional tax tip 4: Follow the correct steps
There are eight easy steps you must follow to calculate provisional tax correctly. To find out what they are, check out Provisional Tax 101. It will also show you everything else you need to make your next provisional tax payment correctly.
Remember, calculating your provisional tax incorrectly or paying it late attracts SARS penalties. So use these four tips to get it right on 27 February.

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