Am I a provisional taxpayer?
And what happens when the due date falls on a weekend or public holiday?
You enter into the provisional tax regime when your residual income tax is more than $5000. In this regime you normally pay 2 or 3 installments throughout the year, depending if you are GST registered.
If a provisional tax payment due date happens to fall on a weekend or public holiday, the due date is then transferred to the next working day.
Please note- If your 2023 tax return is filed on or before this due date, the provisional tax calculation is estimated on 105% of your 2023 residual income tax. However if your 2023 return is not filed, your provisional tax payment will be calculated on 110% uplift of your 2022 residual income tax.
For any questions regarding provisional tax payments, please get in touch with our expert accounting team.