As a provisional taxpayer, remember the key deadlines for the 2024 fiscal year:
- First Provisional tax payment: Was due by 31 August 2023
- Second Provisional tax payment: Due by 29 February 2024
These payments are based on your estimated taxable income for the year. You can estimate your taxable income using either the SARS basic amount or your own calculations, taking into account all relevant information.
Be aware that underestimating your taxable income can result in penalties, which are calculated based on your actual taxable income. The thresholds for these calculations are R1 million and over R1 million.
For detailed information on submitting your provisional tax return, understanding penalties and their calculations, or making payments (either via EFT or e-Filing), please contact your tax practitioner.