Example of how to work out amounts due - Provisional Tax
The first period provisional tax payment is calculated as follows:
|
R |
Estimated taxable income for the year of assessment |
XXXX |
Normal tax on estimated taxable income |
XXXX |
Less: Primary, secondary and tertiary rebates under section 6 |
(XXXX) |
Less: Tax credit for medical scheme fees under section 6A |
(XXXX) |
Less: Additional medical expenses tax credit under section 6B |
(XXXX) |
Total Tax Payable (A)Total Tax Payable (A) |
XXXX |
Half of the normal tax payable on estimated table income (A/2) |
XX |
Less: Employees’ tax deducted from the provisional taxpayer’s remuneration during the first period |
(X) |
Less: Foreign tax credits (section 6quat and section 6quin) for the first 6 months |
(X) |
FIRST PROVISIONAL TAX PAYMENT |
xxxx |
The second period provisional tax payment is calculated as follows:
|
R |
Estimated taxable income for the year of assessment |
XXXX |
Normal tax on estimated taxable income |
XXXX |
Less: Primary, secondary and tertiary rebates under section 6 |
(XXXX) |
Less: Tax credit for medical scheme fees under section 6A |
(XXXX) |
Less: Additional medical expenses tax credit under section 6B |
(XXXX) |
Total Tax Payable |
XXXX |
Less: Employees’ tax deducted from the provisional taxpayer’s remuneration during the year |
(X) |
Less: First provisional tax payment (if actually paid) |
(X) |
Less: Foreign tax credits (section 6quat and section 6quin) for the year |
(X) |
SECOND PROVISIONAL TAX PAYMENT |
XXXX |
The third period (top-up/voluntary) provisional tax payment is calculated as follows:
|
R |
Estimated/actual taxable income for the year of assessment |
XXXX |
Normal tax on estimated taxable income |
XXXX |
Less: Primary, secondary and tertiary rebates under section 6 |
(XXXX) |
Less: Tax credit for medical scheme fees under section 6A |
(XXXX) |
Less: Additional medical expenses tax credit under section 6B |
(XXXX) |
Total Tax Payable |
XXXX |
Less: Employees’ tax deducted from the provisional taxpayer’s remuneration during the year |
(X) |
Less: First provisional tax payment (if actually paid) |
(X) |
Less: Second provisional tax payment (if actually paid) |
(X) |
Less: Other provisional tax top-up payments (if any, if actually paid |
(X) |
Less: Foreign tax credits (section 6quat and section 6quin) |
(X) |
TOP-UP PAYMENT |
XXXX |