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How much of a capital gain should I be including for provisional tax?

Posted 24 February 2016 under Tax Questions


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Linda says:
24 February 2016 at 11:39

IRP6 2016-02: My income is trading income reflected through an IRP5. This year there is also a capital gain. On e-filing form I have to add the capital gain and fill in the total under "estimated taxable income". But then the full amount is taxed at my marginal income tax rate. How much of a capital gain should I be including in "estimated taxable income" for provisional tax?

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TaxTimTaxTim says:
24 February 2016 at 12:30

Subtract R30 000 from the gain and then add 1/3rd of the remainder. What was the gain for?


Linda says:
24 February 2016 at 12:42

Great thank you! It was for a piece of land my husband and I owned together and sold. So I've halved the gain before subtracting the R30k and included the third. Is that correct? Also as my estimated taxable income is less than R1m, I should be safe from penalties if I provisionally submit no less than my base amount, right?

Thank you for fantastic support!


TaxTimTaxTim says:
24 February 2016 at 12:47

That is correct - perfect!

Only a pleasure!


Linda says:
24 February 2016 at 12:57

Last question: if the PAYE amount is prepopulated on SARS eFiling but those amounts were not actually paid, do I have to override that?


TaxTimTaxTim says:
24 February 2016 at 13:03

You should put in the correct amount that was paid.


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