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.
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