Once a Provisional Tax Calculation has been processed in Sky Tax you may continue to enter assessments without affecting the provisional tax calculation provided you understand the timing rules. It is important to understand the rules of how the assessments update the various ledgers, and the effect of the various dates that you enter. The date of assessment which has always been the 60 day rule has now changed to 14 days.
As a rule the system will always use the estimated income downloaded, however you can override it.
Below is some of the legal stuff we have received from SARS. This is how the system is going to calculate.
·The taxable income of the latest preceding year of assessment is increased if the estimate must be made for a IRP6 for a period that is due:
oon a date beyond 18 months from the end of the latest preceding year of assessment that has been assessed
oAnd is for a period more than one year after the end of the year of preceding year of assessment.
Then the estimate must be increased by 8% per annum from the end of the latest preceding year of assessment to the end of the current year of assessment.
latest preceding year of assessment that has been assessed
