The second provisional tax payment for the 2018/2019 tax year is due by 28 February.
- If your taxable income is below R1 million your estimate of taxable income must equal your basic amount (your latest taxable income assessment plus 8%) and also be within 90% of your 2018/2019 taxable income. If your estimate is less than these parameters you must provide reasons to the Commissioner.
- When your taxable income is greater than R1 million, your estimate of taxable income must be within 80% of the actual taxable income for the year.
Note: capital gains must be included in your estimates of taxable income or the basic amount.
Give careful thought to ensuring you remain in these parameters to avoid being levied with severe penalties.
Disclaimer: The information provided herein should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your professional adviser for specific and detailed advice.