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Provisional tax made easy | Entrepreneur SA | Jasper Basson
February 20, 2020
Every 6 months, when we I assist clients with provisional tax, I come across the same problem.
Clients are totally confused between the various timelines and the structure of provisional tax and how it incorporates with year-end taxes.
In this article and video and would attempt to explain, in layman’s terms, the provisional tax structure.
Firstly, we need to understand who need to complete provisional tax estimates and who not.
The following MUST submit provisional tax returns:
- Companies and the Directors of the company
- Close Corporations and the Members of the CC
- Sole Proprietors
- Salary earners with a part-time business, rental income or investments income (more than R 30,000 per annum)
The following DON’T have to submit provisional tax returns:
- Salary earners
- Salary earners with a part-time business, rental income or investments income (less than R 30,000 per annum)
- Body corporates
- PBO (Public benefit organizations)
No that we understand this, let’s go to the white board and draw some pictures to understand provisional tax.
Watch the video here:https://bit.ly/38IA3gt
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