What is Residual Income Tax (RIT)?

Residual income tax explained

Residual Income Tax (RIT) refers to the income tax payable by an individual or business after subtracting any tax credits they are entitled to but before deducting any provisional tax already paid.

Read more… Provisional tax 101: making things easy

This description is correct as of June 1, 2023.

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How to calculate provisional tax using the Standard Uplift Method and use tax pooling to avoid IR UOMI and late payment penalties

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Current version available for download: October 2022
Previously published version(s): August 2019, February 2020