The first instalment for Provisional tax is due August 28th.
Provisional tax is a way to spread your income tax payments across the current year rather than paying a lump sum later.
You must pay it if your residual income tax (RIT) from your previous tax return is more than $5,000. It usually applies to self-employed people, contractors, and rental property owners.
If you have a standard 31 March balance date, you pay in three instalments:
First instalment: 28 August
Second instalment: 15 January
Third instalment: 7 May (Note: Dates differ if you file GST on a six-monthly or ratio basis).
If you need to know more about your Provisional tax, please get in contact. We are here to help.
