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Provisional Tax Calculations?

Posted 24 March 2014

Hi there. I will as of the 1st of May 2014 be employed as an independent contractor to a company in Israel but will be based in JHB. Will I have to file provisional tax and how is this amount calculated?

TaxTim Marc TaxTim Marc said:
24 March 2014 at 16:07

What will your total annual earnings be?

Mel said:
24 March 2014 at 16:11

Average of 480 000 without deducting any expenses. I believe expenses would be around 300 000.

TaxTim Marc TaxTim Marc said:
25 March 2014 at 14:46

You will have to register as a Provisional Taxpayer and submit returns 3 times a year. The first two returns will be estimates of your income for the year and the final return the actual amounts. When you submit the provisional returns it will calculate how much tax to pay based on the 2015 Tax Rates and then only make you pay the portion of the year you are submitting a return for.

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