JANUARY 2016 NEWSLETTER
NOTICE: PROVISIONAL TAX RETURNS: 2016/02
The second provisional tax returns for 2016 must be submitted and paid by 29 February 2016. Our offices are currently in the process of calculating the returns.
If you are a provisional tax payer and have not received an assessment from us by 31 January 2016, then you must please contact us.
Who are Provisional tax payers?
- All companies and close corporations
- Certain Trusts
- Individuals that don’t receive remuneration. If a person receives his/her income in the form of remuneration (salary) then he/she does not need to pay provisional tax. People who trade as sole proprietors or who receive an income from property letting must pay provisional tax.
Who is excluded from Provisional Tax?
- Any individual who does not have a business and whose income does not exceed the tax threshold.
- Any individual who has interest/overseas dividend and rental income that does not exceed R30 000 (thirty thousand rand).
To calculate the correct taxable income is very important because SARS will issue par 20 penalties on the 2016 tax assessment if it seems that the provisional tax estimate for 2016 was not sufficient.
Please notify us of any increase in your income during the 2016 tax year; eg: selling of property resulting in capital gains for the year so that we can include this amount in our provisional tax calculation.
Important dates to remember:
- 31 January 2016: Please contact us if you have not received any notification from us.
- 15 February 2016: We accept that you are satisfied with the estimate of your taxable income and that the amount calculated is sufficient. This is the last day to contact us to make any changes to the calculation.
- 22 February: If you pay by a Cheque then the cheque must reach us today. The cheques must be dated for today;
22 February 2016 and NOT 29 February 2016. Please make the cheque out to: The South African Revenue Services.
Please inform us today if you want us to create a credit push to make the payment.
- 29 February 2016: All returns and payments must be submitted to SARS. If you do an EFT yourself; then you must date it for 27 February 2016 so that it can reflect on SARS’s bank account by 29/02/2016.
Please contact us telephonically or by email if you have any enquiries. Email: email@example.com
This article for general information only and must not be used as professional advice. We accept no responsibility for any mistakes, loss or damage as a result of the use of the information herein. Contact our offices for a consultation for if you require specialised advice.