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How to calculate provisional tax?

Posted 8 April 2013

When a company is a few months behind on their books (Nov 2012), can I either use an estimate from the 1st return (Aug), or even a 8-10% calculation above the 2012 returns, or figures just to get the provisional tax in? I'm still new to provisional returns - is the second (Feb) return's figures the TOTAL of the year, or the difference between the total and Aug's figures, i.o.w. the two returns should be the total? Thank you again!

TaxTim TaxTim says:
9 April 2013 at 16:06

The February return is the total amount for the year (assuming a February year end as for a company the provisional return must be filed 6 months before year end and then again at year end). You should be able to use some method to calculate the earnings, but be careful not to underestimate too much or else SARS will penalise you.

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