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Does a 45-day old business still need to submit a provisional tax return?

Posted 26 February 2016 under Tax Questions



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Mike says:
25 February 2016 at 17:29

I am a salaried employee, but since the middle of January 2016 I have been running a business. It's been expensive to set up, and business is slow - I've turned over R50K max and have about R40K of expenses. Do I need to submit a provisional tax return now, or can I carry that amount over and declare it later in the 2017 provisional tax year?

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TaxTimTaxTim says:
26 February 2016 at 13:56

You need to declare it in the year in which you earned it i.e 2016
You can submit a provisional tax return now, or alternatively you can declare it in your 2016 Tax Return (ITR12) in the "Local Business, Trade and Professional Income" section. You may be subject to a small penalty though if you don't pay it now.


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