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Can you help me with Provisional Tax return?

Posted 30 January 2013 under Tax Questions

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I am retired and my income is from Momentum who have invested my Pension Contributions when I retired. I always go to SARS to assist with my Return and was told last year that I am a provisional tax payer because of the savings I have and the interests I receive from these (over the allowed amount). I went to SARS to assist me with my first Provisional Tax Return in August 2012 & had to pay in R1000. I am very nervous to do Period 2 for 2012/2013. Are you able to assist me?

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TaxTimTaxTim says:
30 January 2013 at 12:01

The Provisional Tax return is merely and estimate of your income for the year, the amount you pay is basically tax in advance so that you do not need to pay anything at year end.

We can have our accountant personally assist with your return, but otherwise all you would need to do is put the income you did earn in 2012 less any allowed deductions such as medical aid and then it will ask for some payment. In July when tax season opens you would submit your final return and in a lot of cases may be entitled to a refund.

If you would like our accountant to assist, please email marc@taxtim.com

Gail says:
30 January 2013 at 16:20

This a very reassuring reply, thank you!

Thank you for replying to my email and putting my mind at ease.


TaxTimTaxTim says:
30 January 2013 at 16:33

Only a pleasure! So glad I could help!

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