Resources On-Demand

Overview The provisional tax system contains many complexities and mistakes or oversight of these can be very costly both in terms of time and money. One aspect of these complexities came to light earlier in 2022 when SARS imposed penalties on the late submission of tax returns by taxpayers who utilised the special tax submission deadline applicable to “provisional taxpayers” whereas SARS asserted that they were in fact, not provisional taxpayers. Apart from the fundamental question of who/what is a “provisional taxpayer”, there are also numerous other areas of the legislation that cause confusion and costly errors by taxpayers, such as the penalties for underestimating taxable income, penalties and interest on underpayment of provisional tax and making sure that you pay the correct amount of provisional tax without having to obtain a refund from SARS. This two-part provisional tax series has been especially compiled to provide a practical and up-to-date explanation and analysis of the provisional tax legislation to enable attendees to properly manage their provisional tax obligations, thus avoiding costly errors, and excessive time spent managing penalties and interest. Professor Jackie Arendse has presented updates for The Tax Faculty for many years and audiences always appreciate her ability to explain the complex tax matters in a practical and comprehensible manner so that attendees come away with a real understanding of the content and an ability to apply their knowledge in business and personal contexts. The webinars will equip tax practitioners and business owners to manage their provisional tax obligations in the most tax-efficient manner. Recording 1: Current Issues in Provisional Tax In this recording, the following was unpacked: • Who is a "provisional taxpayer"? • What is required of a provisional taxpayer? • How must “estimated taxable income” be calculated? • What is the “basic amount” and when is it used? • How is the provisional tax liability determined? • When can SARS increase an estimate of taxable income? • What recourse is available to the taxpayer if SARS challenges your estimate? Competencies developed in this CPD After attending this recording-series, you will be equipped to: Identify when a person is/is not a provisional taxpayer. Advise clients on how to manage their provisional tax obligations. Correctly calculate the optimal amount of provisional tax to pay in changing circumstances. Advise clients on how to manage penalties and interest related to provisional tax. Navigate the administrative aspects of provisional tax, related penalties, interest, and disputes with SARS.

Overview The provisional tax system contains many complexities and mistakes or oversight of these can be very costly both in terms of time and money. One aspect of these complexities came to light earlier in 2022 when SARS imposed penalties on the late submission of tax returns by taxpayers who utilised the special tax submission deadline applicable to “provisional taxpayers” whereas SARS asserted that they were in fact, not provisional taxpayers. Apart from the fundamental question of who/what is a “provisional taxpayer”, there are also numerous other areas of the legislation that cause confusion and costly errors by taxpayers, such as the penalties for underestimating taxable income, penalties and interest on underpayment of provisional tax and making sure that you pay the correct amount of provisional tax without having to obtain a refund from SARS. This two-part provisional tax series has been especially compiled to provide a practical and up-to-date explanation and analysis of the provisional tax legislation to enable attendees to properly manage their provisional tax obligations, thus avoiding costly errors, and excessive time spent managing penalties and interest. Professor Jackie Arendse has presented updates for The Tax Faculty for many years and audiences always appreciate her ability to explain the complex tax matters in a practical and comprehensible manner so that attendees come away with a real understanding of the content and an ability to apply their knowledge in business and personal contexts. The recordings will equip tax practitioners and business owners to manage their provisional tax obligations in the most tax-efficient manner. Recording 2: Analysis of the provisional tax legislation In this recording, the following was unpacked: • Late payment penalties – when and how these arise? • Penalties on underestimate of taxable income – when and how these arise? • Interest on underpayments and overpayments of provisional tax. • When and how can penalties and interest be remitted? • What if the taxpayer has difficulty making the provisional tax payment? • Dispute resolution aspects. Competencies developed in this CPD After attending this recording-series, you will be equipped to: Identify when a person is/is not a provisional taxpayer. Advise clients on how to manage their provisional tax obligations. Correctly calculate the optimal amount of provisional tax to pay in changing circumstances. Advise clients on how to manage penalties and interest related to provisional tax. Navigate the administrative aspects of provisional tax, related penalties, interest, and disputes with SARS.