IMPORTANT 2024 provisional tax deadline coming up soon

An all-important 2024 provisional tax deadline is fast approaching. For registered taxpayers, the 2024 provisional tax deadline is Wednesday, 24 January. At the same time, we’ll explore the differences between the two types of taxpayer so there’s no confusion.

PROVISIONAL VS INDIVIDUAL TAXPAYERS

According to the TaxTim experts, even if you are a registered provisional taxpayer on the SARS eFiling portal, you still need to qualify. Your status needs to be maintained every year in conjunction with filling out the correct paperwork.

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Therefore, if you’ve been a provisional taxpayer in the past, you don’t automatically qualify as one in 2024. Crucially, you must check you have qualified for provisional taxpayer status. Do this by accessing your SARS eFiling account. It will be able to confirm your status.

2024 PROVISIONAL TAX DEADLINE

Provisional tax is paid twice a year. If you earn an income that’s not entirely salary-based, you might qualify but you must still check with SARS. However, you must complete an ITR12 and two IRP6 returns every year. As mentioned, the next 2024 provisional tax deadline is Wednesday, 24 January.

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Likewise, you must register as a provisional taxpayer to qualify. This can be done via SARS eFiling:

• Login into your eFiling profile.
• Under Organisations click Request tax type.
• Insert your tax number under the provisional IRP6 block.
• The onus is on you to check if you qualify and are registered as a SARS provisional taxpayer each year.

MISSED DEADLINE

If you miss your deadline, all is not lost. Act quickly, and you can sidestep major penalties. And these accrue monthly, so if you get your late tax returns in as soon as possible, you will avoid big fines.

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This article is for informational purposes only and should not be construed as tax or financial advice. Consult TaxTim for assistance with your tax return or any other tax-related queries you may have. Are you ready for the 2024 provisional tax deadline?

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