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Save on bond interestIF YOU are a provisional taxpayer, have you considered paying your estimated monthly tax contribution (which is payable every six months) into your access bond, instead of storing it in a savings account?By paying this amount into your bond over the six-month period you decrease the bond capital amount and thus save a substantial sum in interest. When your provisional tax becomes payable, you simply withdraw the money from your bond and pay it over to the taxman. In the meantime, you will have scored from the savings in interest that would have had to be paid on your bond. If the money is paid into a savings account, it attracts taxable interest (provided your total interest income exceeds R2 000), but if you pay this money into your access bond, you effectively earn tax-free interest. You are obliged to register as a provisional taxpayer if:
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