I started an allied medical practice in my own name in October 2014. I was not working prior to this. So far, I have collectively earned R22000. By the time the end of this tax year comes, I will not have reached the R70000 threshold. Does this mean that I do not need to submit a provisional return or should the threshold be adjusted pro-rata i.e because I have only worked for 5 months, the threshold would then be R29166?
The provisional return is based on whether you are earning more than R20000 of non-salaried taxable income so this would still apply to you. You should still submit a return regardless of being below the threshold so that you are fully tax compliant.
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