MARC SEVITZ, CO-FOUNDER OF TAXTIM

The deadline for the first provisional tax return is Friday 30 August and taxpayers are reminded that not only do they have to submit their return by this deadline, they also have to make the payment on the same day. “Late submissions, late payments and missed deadlines will attract harsh penalties and interest,” Marc Sevitz, co-founder of TaxTim explains. Sevitz, a chartered accountant and registered tax practitioner explains what you need to know. Provisional tax is a payment mechanism which is intended to assist businesses and individuals to meet their normal tax liabilities. Provisional tax payments are based on the estimated taxable income for the year. The first payment is due at the end of August 2019 and the second is due at the end of February 2020, with a possible third top-up payment in September 2020.