Provisional Tax Submission Deadline - 29 February 2020

ALL INDIVIDUALS AND COMPANIES REGISTERED FOR PROVISIONAL TAX SHOULD SUBMIT AN ESTIMATE OF THEIR YEARLY INCOME FOR 2020 BEFORE THE END OF FEBRUARY 2020

How you will know if you are a provisional tax payer?
If you earn any other income except for salary income i.e. consulting fee income, high interest income, capital gains or rental income etc. you should submit a provisional tax return. All entities/companies are registered for provisional tax and provisional tax should be submitted.

The 2nd provisional tax is based on the same accounting period as the August 2019 provisional tax calculation. So if you had to pay provisional tax in August 2019, you will know if you are a provisional tax payer.

It will also appear on your last tax assessment indicating if you a registered provisional tax payer.

What happens if I don't submit a provisional tax return?
When you submit your 2020 income tax return, and SARS assesses you with other income but no provisional tax returns have been submitted, SARS will levy you with penalties and interest including non-submission penalties.

Because we need to calculate your provisional tax before we can submit it, I would really appreciate it if you could send it to us as early as possible. This will ensure:

1. Accurate calculation
2. No unnecessary penalties and interest
3. Enough time to finalize and submit your return and hopefully add some value

We will need the following:

1) An estimate of your total yearly earnings including:

- Salary Income (Send us your payslip)
- Interest Income (We can base this on 2016 if you have not made any additional investments or do not know of any changes)
- Rental profit (Income less Expenses schedule)
- Business profit if you trade as a sole prop or do consulting work in your personal name (Income less Expenses schedule)
- Pension Income
- Annuity Income
- Retirement exit income (when you exit out of your retirement fund)
- Any other income

2) Medical aid contributions and how many dependants you have on your medical aid. Please remember that this is only if you personally pay the medical aid.

3) Retirement annuity contributions for the year paid.

4) Any other allowable deductions that you have not taken into account above

If you have any questions please do not hesitate to contact us via email (contact@anlofin.com or annja@anlofin.com) or phone us on 011 658 1324.