Does a 45-day old business still need to submit a provisional tax return?
By Marc Sevitz · Updated
I am a salaried employee, but since the middle of January 2016 I have been running a business. It's been expensive to set up, and business is slow - I've turned over R50K max and have about R40K of expenses. Do I need to submit a provisional tax return now, or can I carry that amount over and declare it later in the 2017 provisional tax year?
You need to declare it in the year in which you earned it i.e 2016
You can submit a provisional tax return now, or alternatively you can declare it in your 2016 Tax Return (ITR12) in the "Local Business, Trade and Professional Income" section. You may be subject to a small penalty though if you don't pay it now.
You can submit a provisional tax return now, or alternatively you can declare it in your 2016 Tax Return (ITR12) in the "Local Business, Trade and Professional Income" section. You may be subject to a small penalty though if you don't pay it now.