On 3rd October 2014, I received proceeds from the sale of my primary residence. By my calculations, no capital tax is payable. I am registered as a provisional taxpayer, but have not had reason to pay any provisional tax for 5 years. Do I need to submit a provisional tax return on the sale by Feb 2015, or can I wait until I need to submit an ITR12 next year?
If you are registered then you need to submit an IRP6 - why don't you de-register as a Provisional Taxpayer as you no longer qualify.
Mattsays: 15 October 2014 at 14:33
As the sale was concluded whilst I was still registered as provisional taxpayer, don't I have to submit the ITR6 first and then deregister?
TaxTimsays: 16 October 2014 at 17:59
You only need to pay and be registered as a provisional taxpayer if you earn greater than an additional R20 000 taxable income per annum. Since you had no capital gain then you do not fall into this category.
Get Tax Deadline Reminders, News and Tips
We'll tell you when you need to file, along with tax tips and updates.