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Risk of underestimation of provisional tax in August?

Posted 24 August 2014

If you underestimate your provisional tax in the August submission, but then are better able to more accurately estimate it in February, are you penalised for the under estimation in August? Furthermore, are there possibly any thresholds for underestimation in August which gives rise to a penalty, even if you accurately submit in February. Or is it is you're able to estimate accurately in February, that there are no penalties induced despite the underestimation in August?

TaxTim TaxTim says:
24 August 2014 at 18:40

How much is your total estimated income?

Tom says:
24 August 2014 at 20:29

Total annual estimated income is R3m, but it may be as high as R4m by year end...

TaxTim TaxTim says:
24 August 2014 at 22:29

SARS will take into account the corrected adjustment which needs to be within 80% of the actual.

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