Provisional Tax Calculator
Provisional Tax Calculator uses standard option to calculate provisional tax.
Provisional tax threshold has been increased to 5,000 from tax year 2020 as part of a Covid-19 relief measures.
If your Residual Income tax (balance of income tax to pay after assessment), is less than 5,000, the calculator won't show any provisional tax amount.
Please click the link to check the tax payment due dates.
As the provisional tax calculation is based on the Residual Income tax (not Calculated Income tax), a separate provisional tax calculator is required. This calculator can be used to calculate provisional tax installment amounts for the following year as well.
Example:
In our example, 2021 income tax return is filed and as per the assessment, the residual income tax amount to pay is $26,000. The calculator will calculate the provisional tax amounts of 2022 and 2023 on the basis of 2021 Residual income tax amount.
You will be paying 3 provisional tax installments of $9,100 each for year 2022. The due dates of 3 provisional tax installments payments are.
28 August 2021
15 January 2022
7th May 2022
The provisional tax installment amount for year 2023 will be $9,533.33 each, calculated on the basis of 2021 RIT. The due dates of 3 provisional tax installments payments are.
28 August 2022
15 January 2023
7th May 2023
Once Income tax return for 2022 is filed and assessed, you can pay provisional tax amounts as per the assessment.