Filing season 2021 for Individuals is 1 July 2021!
If you earn any non-salary income, for example rental income from a property, interest income from investments or other income from a trade or small business you run, you will be a provisional taxpayer, even if you also earn a salary.
This webinar provides an update of the basic mechanics of provisional tax for individuals, as well as a comprehensive discussion on some of the more complex areas that need to be considered and applied, including the requirements for home office expenses to be deducted as per the current work-from-home regime.
The Deloitte School of Tax & Legal invites you to join the Provisional Tax for Individuals webinar where we will be unpacking the following in detail:
- What is provisional tax? – understanding the purpose of provisional tax.
- Who is a provisional taxpayer? – know who should register as a provisional taxpayer.
- How is provisional tax calculated? – working through the basic framework for calculating the provisional tax, dealing specific with:
- Basic amount
- Estimates of taxable income
- Requirements for home office expenses to be deducted in relation to the current Covid-19 work-from-home regime
- Foreign tax rebates
- Medical scheme fees tax credit
- Additional medical expenses tax credit
- Par 21: Provisional tax payments for natural persons
- When must provisional tax be paid? – know when provisional tax is payable.
- What are the deferral of payment criteria and agreement terms? – know when an instalment payment agreement can be entered into.
- What penalties and interest are applicable per period? – discussing the late payment, late submission and underpayment penalties as well as the applicable interest sections.
- How do I complete the IRP6 on SARS e-filing? – a systematically approach to the completion will be followed.
Practical examples are incorporated throughout the session, explaining all the key principles.
This webinar will contribute 2 CPD hours