Earning interest – Make sure that all sources of income are disclosed to SARS and that there is a workings table to arrive at the totals submitted to SARS. Use a tax practitioner as the fees paid to tax practitioners may be and probably will be deductible against your taxable interest.
Make sure you are a registered as a provisional taxpayer. Submit your provisional returns each August and each February and don’t be late
Pay your taxes before the deadline which is the last working day of August and the last working day of February each year. Getting this wrong could mean a penalty.
Submit your provisional return using a reasonable calculation but at least use the basic amount as when this is done, your risk is lower.
Don’t try and pay the above amount when filing the return after year end (which is when returns are filed) as this could mean a penalty of up to 20% + interest.
Claim any tax practitioner costs incurred in filing your return if the fee is not more than the taxable portion of the interest.
CLICK HERE to submit your press release to MyPR.co.za.
Source: MyPR
Submit your own Press Release or get free content for your publication.
Video – How to post your Press Release on MyPR:
My Press Release (MyPR) provides free South African targeted content and press releases for on and off line publishers and media. Registering on MyPR enables public relations companies and practitioners to post articles under their own author name. Public Relations Companies and practitioners, event organisers, sports and political writers use MyPR as a distribution mechanism for their press releases, content, images and news. A forever free subscription allows publishers and media free access to all press releases, content and images on MyPR.
This press release is courtesy of MyPR.co.za and was automatically curated and published with WP Robot plugin – CLICK HERE to learn more about WP Robot for WordPress – a massive time and money saver.
