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George Vermaak is 4 0 years old and a provisional taxpayer. He is in full time employment and also earns income from consulting services conducted
George Vermaak is years old and a provisional taxpayer. He is in fulltime employment and also earns income from consulting services conducted after his normal business hours. The following information is relevant for Georges provisional tax payments:
George received his notice of assessment on November which indicated taxable income of R
He received his notice of assessment on September which indicated taxable income of R
His actual taxable income for the year of assessment is R
George based his second provisional return for his year of assessment on an estimated taxable income of R R per month was deducted from his salary for employees tax purposes.
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Q Calculate George Vermaaks first provisional tax payment for the year of assessment.
Q Calculate Georges second provisional tax payment for the year of assessment based on the estimate that he used.
Q Calculate the penalty that George is liable to pay as a result of underestimating his second provisional tax payment.
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