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Are you ready for Monday 31 August 2009?
Tax Bulletin | 20 August, 2009 | Hot Topics:
Dear fellow taxpayer,
The provisional tax deadline for the first period of 2010 is on Monday 31 August.
Remember: you can only base your calculation on an estimated taxable income less than the basic amount if you’ve motivated to do so. The IRP6 return for the first period now includes a space where you must motivate your request. If SARS isn’t satisfied, you can request a revised estimate.
Avoid penalties and interest: submit your IRP6 return well before the due date
This’ll ensure SARS receives and processes your request in time. SARS will only evaluate your estimate if there’s a material difference between the SARS tax payable and your tax payable. If your reason for the lower estimate is acceptable, SARS will issue an IRP6A notice “Approval of Lower Estimate”.
To ace your provisional tax this year, turn to chapter P03 Payment procedures for provisional tax in your tax update 3/2009.
Until next time.
Regards
Nothando Hlatshwayo
Managing Editor
The Practical Tax Handbook
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Editors note
Fulvia Stoltz
Tax Bulletin Editor
The Tax Bulletin is packed full of tax tips, commentary on changes to the tax landscape and is also an interactive tax forum which aims to help you efficiently manage your taxes and avoid all the traps. It is also a handy reminder of the deadlines which taxpayers have to meet.
