Provisional Tax Payment Calculation


Please note that every effort has been made to ensure that the advice given in this educational material is correct. Nevertheless, that advice is given purely as guidance readers to assist them with particular problems relating to the subject matter of the educational material, and African Venture Group will have no responsibility to any person for any claim of any nature whatsoever that may arise out of, or relate to, the contents of this educational material.

Provisional Tax Payment Calculation

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) f

or 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​


For further information contact African Venture Group.


African Venture Group

1 Nollsworth Crescent, Umhlanga, Durban, 4051

 

National:

078 115 6607

International:

+27 78 115 6607

Email: info@africanventuregroup.co.za

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