Please enable JavaScript.
Coggle requires JavaScript to display documents.
Provisional Tax - Coggle Diagram
Provisional Tax
About
What is Provisional Tax
An
advance payment tax
on estimated taxable income that is
not subject to employees' tax
A taxpayer that qualifies as a provisional taxpayer is required to
submit provisional tax returns
On
assessment,
a taxpayer's normal tax liability is
reduced by
the
provisional tax payment made
Who is a provisional taxpayer
Person (other than a company) who derives income that does not constitute remuneration OR is from an employer who is not registered
A person notified to be a provisional tax payer
Excluding
Natural person who does not derive income from carrying on of business if:
Taxable income from interest, foreign dividends, letting of fixed property and remuneration from unregistered employer <= R30 000
OR
Taxable income does not exceed the threshold
Provisional Tax Payments
Two obligatory
Provisional Payments
2nd
1st
On/Before the
last day
of the
6th month
of the y
ear of assessmen
t (i.e.
31 Aug, each year
)
Voluntary
Provisional Payment
3rd