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I have to send in my provisional tax information for the 1st time, have no clue, PLEASE help

Posted 20 February 2013 under Tax Q&A


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Need to submit provisional tax info. I am employed and have a business on the side. What info do I submit?

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TaxTim TaxTim says:
20 February 2013 at 22:46

Have a look at this link and if you have any further questions please let me know.

https://www.taxtim.com/za/what-is-provisional-tax-how-and-when.php

Natasja says:
21 February 2013 at 11:15

Hi, thanks for the link. I have gone through it on the website already. What I need to know is:

1) if I have to submit my info TODAY, do I create the payment for the 1st or 2nd period. I have NEVER done this before.
2) Do I add my income before or after tax. In other words the info on my salary slip plus that from my business
3) do I add my expenses for Retirement annuity, and all other business expenses since I have no expenses from my salaries employer.

TaxTim TaxTim says:
21 February 2013 at 16:20

If you are comleting the IRP6 (1) or IRP6 (2) so that would be for August and then February respectively you would set up the payment for the appropiate period depeding on which form you are submitting.

You would add all your income, inlcuding the amount from the salary, but would then include the PAYE paid further down the IRP6 as you have you paid this already and it needs to be taken into account to avoid double payment of tax.

All business expenses can be deducted from the income earned, so you would put a net amount and add that to your salary. Retirement annuity however gets paid from your own account and not the business so that expense cannot be claimed against business income. You can deduct a maximum of 15% of the overall income so check to see if the amount paid to the retirement annuity fund is more than 15%, if not then you can take that off as well.

Unfortunately TaxTim only helps with year end ITR12 returns as the IRP6 asks you to enter 2 questions only.


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