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Good news! Provisional tax relief up to February 2009
Tax Bulletin | 12 January, 2009 | Hot Topics:
Dear fellow tax payer,
Happy New Year to you all. I trust you’re well-rested and ready for a tax-savvy, financially-fit 2009! Good luck to those of you with children: the first week back to school is always a little stressful.
A quick caveat: don’t forget the 23rd of January is the deadline for submitting your individual tax returns by eFiling. If you haven’t got your tax-return bits and pieces in order, get cracking!
Good news! Provisional tax relief up to February 2009
Parliament has signed the new provisional tax changes and they'll come into effect once published in the Government Gazette this month.
As we mentioned on page 8 of last month’s Simplify your Tax, you're no longer allowed to rely on SARS' estimate when calculating your provisional tax payments. You must do your own estimate and this must be within 80% of the final taxable income for the year or SARS will penalise you.
Here’s where the good news come in: in a note to practitioners, SARS now acknowledges that the swift change may cause undue hardship for those of you who pay provisional tax.
SARS will accept you basing your provisional tax filing on the SARS’ estimate up to 28 February 2009. This means that for everyone whose year-end is 28 February 2009 (including all individual taxpayers) this special dispensation will be of great benefit. This means for this last year you can do your provisional taxes as you have always done.
Warning! If your company has a fiscal year-end of March 2009, bad news: the new provisions apply with full effect. You must therefore familiarise yourself with the new rules from 1 March 2009 or face penalties!
See you next week,
Jerry Botha
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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.
