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Provisional Tax on capital gain

Posted 28 June 2016 under Tax Questions



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Peter says:
27 June 2016 at 17:43

Have just sold a property and have made a large capital gain and will have to pay tax on this in 2017 tax return, will I need to include more funds to Provisional tax or can I wait till I get my 2017 assessment, and so get interest.

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TaxTimTaxTim says:
28 June 2016 at 8:48

You are required to declare this capital gain on your provisional tax return due on 31-08-2016 and pay it too. Should the payment be made late SARS will impose penalties and interest and you will have to pay all the interest earned from the bank over to SARS in anyway, thus it is best that you ensure SARS is paid by the end of August.


Peter says:
28 June 2016 at 12:10

Thanks very much that was very helpful.


TaxTimTaxTim says:
28 June 2016 at 12:35

Pleasure!


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