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Provisional Tax 03 (Top UP) - Company

What is a Provisional Tax?

Provisional Tax 03 (Top-Up) is a payment mechanism that allows you to pay SARS any shortfall not covered by your previous two provisional tax payments. The third provisional tax payment is not submitted as per your Provisional Tax 01 and 02 - just a payment.

The third provisional tax submission is required 6 months after financial year-end. This allows for a fairly accurate assessment of the tax due to SARS, based on your estimated amount.

There may be mitigating factors such as assessed losses that can reduce the amount. Don't forget about the Small Business Corporation (SBC) Tax or Turnover Tax options where applicable.

SARS also provides a basic amount relevant to businesses with less than an R1million of taxable income. If your estimate is below this amount SARS will require justification for this.

Creative CFO can help with this process and will :

  • Review your financial records for the financial year
  • This should include the cash movements on all bank accounts, as well as any unpaid sales or purchase invoices
  • Determine the appropriate tax rates to apply and work with you to build the best estimate for the total year’s income and tax amount
  • Confirm the final figures with you for completion
  • Submit the IRP6 provisional tax return on eFiling return, or provide you with the figures to fill in
  • If SARS would like to do further audits on your business documentation beyond what we supply this will incur an additional charge from our side to assist.

We will need an engagement letter signed prior to any tax work, which will be sent by the practice team after checkout.

If you are registered for Turnover Tax we will also be able to assist you.