Net pay determination

Posted 4 April 2016

If I have a R3000 petrol allowance added to my salary, will the provident fund contribution be deducted as well, e. G. If on 10% contribution, then the net income before tax will be R2700?

RA Claim for British citizen who is emigrating

Posted 31 March 2016

When a British Citizen leaves South Africa for good after paying a RA for many years, what is the process of getting the money back and out the country.

Please clarify treatment of the change in tax free portion of pension withdrawal from R315,000 to R5

Posted 30 March 2016

If I at retirement (2013) withdrew a third of a Pension Fund that amounted to R600 000, when the tax free portion was R315 000, will I now be able to get the other R185 000 (Now that the tax free portion is R500 000) as a tax free portion if I retire from another Pension Fund?

What are the SARS obligations and benefits for a taxpayer aged 74 years for the 2015/2016 tax year?

Posted 29 March 2016

With regards to your post of 23 July 2012, about retirees aged 65 years and older: have there been any changes since then in SARS requirements for tax returns for the 2015/2016 tax year, or not? What benefits can such a taxpayer expect? What is the taxable threshold for a taxpayer 74 years of age (turning 75 in June 2016)? Where do donations fit into all of this?
1. Main source for living expenses is interest income. 2. Medical aid premium is paid by the retiree in full, in addition to medical expenses which go beyond medical aid benefits. ...

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How to treat RA contributions which are not allowed as a deduction

Posted 29 March 2016

Can the excess amount of retirement contributions which are carried forward to tax years be offset against tax payable on lump sum pension payments?

Are bond initiation fees, legal fees and valuation fees deductible for tax?

Posted 23 March 2016

Hi, I have registered as a provisional tax payer and did my tax return in August. My rental expenses (levies, interest and taxes) are greater than my rental income I earn. Do I still need to file the provisional tax payer tax return now and see if any payments are due?

I have paid for your services for my personal income tax, but haven't received any of my tax information yet (for investments, medical aid etc). Must I just wait until those all come later in the year and send them thro...

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Question on secondary tax rebate

Posted 23 March 2016

If you turn 65 before end of February 2017 are you considered to be 65 or 64 for the current tax year.

Tax for R250 000 provident fund on retirement?

Posted 23 March 2016

If for example I have R250 000 provident fund amount on my retirement,will it be taxed or not?

Single versus married benefits, whats the difference?

Posted 22 March 2016

If you are single, you pay more taxes. How does this affect your payout on resignation? Do you get a lesser payout than your counterpart who is married? By rights, your pension benefits should actually be higher than that of someone who is married and retires with the same amount of years service??? Ie. 20yrs???
Gg

It is aleady summarised

Posted 22 March 2016

Is south African interest exempted?

Taxation on foreign sourced pension

Posted 21 March 2016

My wife and I are Irish and UK citizens respectively, currently living in the UK and are interested in the feasibility of retiring to South Africa. Our method of retirement would be either on a temporary retirement visa or as a person of independent financial means. I only mention this in case it impacts on my question. My particular interest is understanding how my UK pension income would be taxed in SA. My pension would be derived from a number of sources
1. UK State pension
2. Company pension. All pension is derived from activities not associated with South Africa...

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Tax on package and retirement cash withdrawal under the age of 50

Posted 21 March 2016

I am 40 years old. I have taken the retrenchment package from my company, the amount of R307,000. I also want to withdraw my retirement fund of R714,000 as cash amount and invest in the bank. Can you please inform me what my tax will be on my retrenchment package and my retirement.

Do you get taxed more on the second time you withdraw from a provident fund? Resignation.

Posted 17 March 2016

Do you get taxed more on the second time you withdraw from a provident fund? Resignation.

Tax on Employee and Employer Retirement Fund Contributions

Posted 16 March 2016

Regarding the new tax law on Employee contributions to retirement funds, is it correct to say that from the 1 March the employee portion of 7,5% and the employer portion of 8% must be included in the employee's gross salary and then taxed as a fringe benefit? We were wondering what suggestions you have of how this would appear on the employee's salary slip eg. Gross salary (incl total provident fund %) less Paye, less fringe benefit tax, less Uif? We are really battling to find anyone who knows...

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Calculate my tax when I fund my own retirement annuity and the company pays half my Provident fund

Posted 15 March 2016

How can you calculate your tax when you have a voluntry retirement annuity and a compulsary Provident fund

How do I calculate pension tax deduction

Posted 14 March 2016

How do I calculate the amount of pension that can be deducted when calculating taxable income?

Amounts included in calculation annuity fund deduction

Posted 14 March 2016

I am retired and receive a monthly pension which is subject to tax. I make no contributions to a pension fund since I retired. I still contribute to a retirement annuity fund monthly. Do I include the total pension received together with investment tax returns for the year to determine the maximum amount allowed for annuity fund deduction

Travel allowance exceeding 8000km

Posted 14 March 2016

How is the travel allowance taxed if you do not receive a car allowance, use personal vehicle and exceed 8000km for business travel? Company pays the standard rate per km, and no other allowance is received in respect of travel.

Pension pay out after retrenchment

Posted 14 March 2016

If my pension fund is at R1 500 000, and I am being retrenched, how much of my pension fund will I take home if I elect to have it paid out?

How to claim tax back on a provident fund?

Posted 14 March 2016

How to claim provident fund tax back

New tax law on pension funds

Posted 11 March 2016

How will I be taxed according to the new pension fund law? Salary R27,000 House subsidy R700 travel allowance R10,735 Alexander Forbes Provident Fund R2,077 Company contributes R5,004
New tax law 27. 5% pension rebate -Interpretation there of My contribution R2077 only or 2077 5004=R7081

Turn 65 during tax year

Posted 11 March 2016

I have a morning position at a retirement village. I turn 65 during during this tax year, in November 2016. When do I stop paying tax?
Kind regards
Mrs H. Van der Westhuizen

How much tax to pay from R120 000 investment?

Posted 11 March 2016

How much am I supposed to pay to tax man when I withdraw from an investment my mother left me

What amount will be tax free if I withdraw out of this fund now?

Posted 11 March 2016

My wife passed away 27/12/2015. She did receive on retirement 25/02/2010 lump sum of R 378 634. Tax free portion R300 000 and balance was taxed. 2/3 invested into retirement fund.

What is the Income Tax Payable on a Rental Income of R8,000.00 a month from Feb 2016?

Posted 11 March 2016

I am a 59 yr old Male earning an annuity of R19,000. 00 per month and and an Income of R8,000. 00 a month form the property rental.
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