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Oops - I under estimated first provisional tax payment what now?

Posted 28 August 2013

Hi Tim

I just filed and paid my IRP6 for the first payment just to realize that I might have under-estimated. Do I need to ask for a correction or can I rectify it with my second payment? Will there be any penalties?

Please let me know

TaxTim TaxTim says:
28 August 2013 at 23:52

I suggest rectifying it now and requesting a correction and resubmitting. If you did underestimate then there are serious penalties and interest that could accrue.

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