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Income tax return 2015

Posted 20 August 2015 under Tax Questions

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Wilfred says:
20 August 2015 at 9:28

I submitted two provisional tax returns for capital gains tax for 2014/2015. Now I want to submit my annual tax return (ITR12). I already have an IRP5 from my employer. What do I do with the provisional tax information? Do I include it on my annual tax return or what? Please advice

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TaxTimTaxTim says:
20 August 2015 at 11:53

You must answer in the opening questions of your Tax Return that you disposed of an asset which would attract capital gains tax and then the relevant section of your Tax Return will be generated which includes the sale of assets. You will then need to enter the details relating to your asset sales. i.e proceeds, costs, etc

When SARS calculates your Final Assessment they will take into account the provisional payments you have already made and the final tax balance will be reduced by these amounts.


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