What is a Provisional Taxpayer? | Tax 101

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What is a provisional taxpayer? In this video I explain the difference between a provisional and non-provisional taxpayer.
Business contact: andrebothma1990@gmail.com
Social Media Links:
Twitter: / andrebothmatax
Important Links:
sars.mylexisnexis.co.za/ - Tax Legislation
www.sars.gov.za/Pages/default... - SARS website
secure.sarsefiling.co.za/app/... - eFiling Login

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Опубликовано:

2 дек 2020

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Комментарии : 22

@hesterdeyzel8934 2 года назад

Thank you

@PeterSserwangaShow 3 года назад

Boom!

@omphemetsechake2839 2 года назад

Thanks Andre for the video....

@AndreBothmaTax 2 года назад

My pleasure!

@nhlanhlantombela336 3 года назад

THANK YOU FOR THE LIGHT ANDRE. HOW DO I CHECK MY E-FILING FOR MY BUSINESS THAT I REGISTERED THROUGH CIPC, FOR I JUST RECEIVED TAX CERT. BUT I DONT KNOW HOW TO CHECK MY PROFILE ONLINE

@rahlakramer7971 3 года назад

How do I add being a provisional tax payer (already a regular tax payer but have alternative income from consultancy work) - can find it for the old website but not on the new! Thanks.

@AlbertCloete 3 года назад

Your videos are very helpful, as always. I really appreciate it. So I pay PAYE every month on my salary. But I've now recently started trading/investing in offshore stocks, ETFs and crypto. All on the eToro platform. My assumption was that I could just pay the tax on the profit that I make there at the end of each tax year. Is that wrong? Do I need to do it twice a year? Also, do you know when the profit is actually realised and counted as profit? Is it when I sell the stocks, etc. on the platform, or when I withdraw it back to my South African bank account? Can I deduct bank costs related to the trading from my taxable income? Would there be any advantages to register a company to trade through, rather than using my own personal account?

@AndreBothmaTax 3 года назад

Hi Albert, this is a very loaded comment with many questions, but in short: 1. Technically yes, calculate all the stocks you sold (proceeds) and their respective base cost at time of purchase to work out the profits which you would declare. 2. When you sell the stocks, that is when you accrued the income. It doesn't matter whether you've withdrawn it yet or not 3 I would say that you're able to deduct bank charges from active share trading. 4. A company is expensive to set up, and when you're the only director, you effectively pay 42.4% in taxes (28% on the company profits + 20% to take any dividends out). As an individual (that does share trading), you can still minimise your exposure to tax (for the trading income), and your tax is on a sliding scale (18 - 45) rather than the flat 28% + 20% DWT. Outside of the taxes, the biggest benefit a company has is for B2B transactions/contracts and separate legal liability.

@melissakinja6226 2 года назад

How can I contact you. Need your services

@strandloper 3 года назад

Glad to have discovered your channel. I have been unemployed since retrenchment in July 2020 and amongst other opportunities I'm looking into there are ways for me to earn foreign income (I'm a software developer) but not having done anything other than be a normal employee this is all new to me. You mention that SARS will automatically register me as a provisional tax-payer, but when does this happen? Is it completion of my first regular tax return after beginning freelancing that triggers it? If so do I simply not pay provisional tax (putting aside money instead) in the first period until my next tax return?

@zain5361 3 года назад

Steve, I'm In the same sinking boat man. We must have a chat some time if you are available.

@strandloper 3 года назад

@@zain5361 I found an awesome local opportunity. Contract at the moment but hoping it might become a full time position.

@ndumisoduma1240 Год назад

@@strandloper Did you eventually figure this out. I'm in the same boat now, earning a foreign income and I have the same questions you have

@strandloper Год назад

@@ndumisoduma1240 Sorry, can't help. I was fortunate to get a contract position with a local company, that morphed into a permanent position.

@NAJ484 Год назад

Hello, kindly confirm where I can get a tutorial for the Assets and liabilities section for the ITR12 for individuals

@AndreBothmaTax 11 месяцев назад

I've added it to my list of videos to create

@maplez470 2 года назад

Hi I just want to ask this I got a job and I get paid per hour worked no tax is deducted I have to be responsible for my own tax. My question is should I register for provisional tax, should I register a company cause I also can't get financing from any bank cause I don't have a payslip

@AndreBothmaTax 2 года назад

Do you have an employment contract with the company you work for?

@maplez470 2 года назад

@@AndreBothmaTax no I don't have any employment contract. I hv no contract we just hav an agreement that I work and gt paid per hour