are provisonal tax payers?
who have more than one income (such as a second job or
receive rental income or receive interest income) or if you run
your own business. This is irrespective of what you earn. All
companies, corporations and trusts.
You are then required to register with SARS as
a provisional taxpayer and do two provisional tax returns a year.
a year you are also required to file your Annual Tax Return (IT12)
with SARS. This serves as a double check that you have paid the
correct amount of tax during the year. Provisional tax is a
way for SARS to get their money on a bi-annual basis from you
instead of waiting until you are assessed after year end.
automatically fall into the provisional tax system – this is a
system that makes taxpayers provide for their final tax liability
by paying a minimum of two amounts during the course of the year
of assessment. Final liability, however, is determined upon
assessment. The aim is to help taxpayers meet their liabilities in
the form of two payments made from income received during the tax
year, instead of in the form of a single, large sum after the end
of the tax year. A third payment after the end of the tax year is
first provisional tax payment must be made within six
months of the year of assessment.
second payment must be made no later than the last working
day of the year of assessment.
third payment is voluntary and may be made within seven months of
the year of assessment, where the year of assessment is February,
six months of the year of assessment, for any other year of
there is any doubt please contact our consultants.