- 9 November 2020 – Update on the discontinuation of cheques
Banks are discontinuing cheques as a payment method. The last date for SARS Customs payments made at a SARS port of entry per cheque will be on or before Sunday 13 December 2020 and for all other SARS payments, it will be on or before Thursday, 31 December 2020.
- 28 September 2020 – Banks are discontinuing cheques as a payment method on 31 December 2020. Please note that SARS will no longer accept cheque payments after 31 December 2020.
When should it be paid?
CGT becomes payable on the date specified in the notice of assessment.
For the purposes of provisional tax a taxable capital gain is excluded from the “basic amount”. You will have to take into account any taxable capital gain that arose or will arise during the year of assessment in estimating your taxable income for provisional tax purposes. Likewise, a taxable capital gain must be taken into account when making any third “topping up” provisional tax payment.
How should it be paid?
Income tax, which includes CGT, is paid on assessment using the normal methods available for this purpose, such as through the eFiling system, via internet banking or by depositing the funds at a participating bank.
Please note: SARS revenue branches no longer accept cash payments or Cheque payments. Cash payments to SARS can be made at a bank as indicated above.
The same methods apply to provisional tax payments.