What is the definition of taxable income in pension fund deduction calculation?

Posted 9 March 2016

Does taxable income include all earnings to calculate pension rebate or is it only your basic salary?

Retirement fund payout question

Posted 9 March 2016

I have received a payment for a retirement claim from my retirement company. I want to confirm if the tax I have paid is correct. The payout is reflected under code 3915 and 3698 on my IRP5. The tax is reflected under code 4115 as PAYE. When I submit my annual tax return- will I be expected to pay in an amount as additional tax?

The current calculated tax amount (which was withheld from payment) was very low. So my question is - is that low tax correct- and would I be expected to pay ...

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Retrenchment tax & notice pay

Posted 8 March 2016

If your retrenchment package is notice pay that you are required to work out, is it eligible for a tax directive? or is this only applicable to severance of ex-gratia? Does it need to be paid in one lump sum?

Thanks

Resignation benefit

Posted 7 March 2016

If I resign from my current employer would I be able to withdraw my pension. I do understand that there are tax implications. Thanks

SARS overpaid me - what can I do now?

Posted 6 March 2016

SARS overpaid me several years ago as part of a bigger payment. I only became aware of this when I went to file the following year and was informed that I owe them a large amount of money. They did not tell me that that I owed them money as a result of overpaying me. I found this out recently on my own. The amount is such that I will never have this money in one place again and the only time I can reasonably hope to pay this back is when I retire with my pension. Now as a result of a mistake th...

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What is the tax rate for pensioners above 72 years with a pension income of R 200 000 per annum?

Posted 6 March 2016

My mother is a pensioner with a pension income of R 200 000 per annum. Is she supposed to pay tax on pension money?

Tax payable on GEPF resignation.

Posted 6 March 2016

If I resign from GEPF what is the tax on R2100000? I started contributing in 1984 for 32 years.

Am receiving a divorce pension settlement of R 200,000.00, what tax will be payable on this?

Posted 4 March 2016

I am receiving a divorce pension settlement of R 200,000. 00, what tax will be payable on this?

All the tax etc I must pay on the R95000 from my unnity

Posted 4 March 2016

I want to cash in my Retirement uinity policy Why is it neccesary to give my annual gross numeration
on the form I am 58 years old My policy amount is R95000 How much tax etc, must I pay over to SARS
Thank you

Monthly tax

Posted 2 March 2016

I'm earning R12,000 including overtime but it looks like I'm paying too much tax of more than R1,000 is this correct amount? Provident fund of R480?

Is income tax reduced at age 55 for early retirement

Posted 2 March 2016

Does early retirement at age 55 reduce income tax in any way

Am I paying too much tax

Posted 2 March 2016

Hi there my gross salary is R 20 000. My deductions are as follows provident fund r 903. 29 then p. A. Y. E tax is R 2 821. 65 and then uif is R145. 06 then I take home nett r16 130 is this okay?or am I supposed to be taking home nett of 17 000 like tax Tim revealed when I entered my details

IS IT COMPLUSORY TO PAY TAX ON INTEREST RECEIVED FROM A FIXED DEPOSIT

Posted 2 March 2016

I received my late husbands provident fund and invested it into a five year fixed deposit i receive r10 780 a month on the fixed deposit i am 44 years old and unemployed how much tax will i pay at the end of the year

Tax implication UK state pension

Posted 2 March 2016

I expect to receive a small UK state pension from this year. I am not a taxpayer and am married in COP my husband pays tax. Will this pension be taxable on his tax return?

Tax rebate on provident fund contribution

Posted 2 March 2016

I am a member of a provident fund. People that contribute to a pension fund get a tax deduction of 7. 5%. Provident no rebate. How will I be treated with the new tax law. Will I be entitled to a rebate as well and what percentage?

Do I pay tax on the pay out ? What about the R 500 K tax free rule ?

Posted 2 March 2016

I have been retrenched, the money from my Pension Fund has been transfered to Retirement Annuity Fund with a portion being paid out to me. Am I liable to pay tax on my pay out? I have not reached retirement age as yet. I am 57 yrs old.

Retirement Annuity

Posted 1 March 2016

1. What is the tax on the Retirement savings. 2. If the two thirds must be taken out as an annuity, what happens to the fund when the contributor passes away?

What is the tax amount

Posted 1 March 2016

I work for Government and turn 60 on 20-3-2016 and want to go on pension - what will be my best option and what will my tax be on my lump sum of R1 326 018 and monthly pension annuity of R 29 928

What will my tax be on my resignation benefit of R 4 675 300

17 200 of 18 %

Posted 29 February 2016

How much would my PAYE be (per month) if I have a gross salary of R17 500, less pension of R300, medical aid R600 and UIF of R 148,72

I need clarity on what is viewed as non-retirement income for purposes of the 27,5% calculation.

Posted 29 February 2016

As pensioner, my annual pension amounts to R784 672, in addition I receive taxable interest of R18 000 and tax free interest of R115 200 as well as a consultation fee income of R100 000. I want to invest the maximum of 27,5% in a retirement annuity. How much can I annually invest in a retirement annuity?

When does the Secondary Tax Rebate Kick in: During the birth month or the tax year one turns 65?

Posted 28 February 2016

I am in my 65th year... ie. I am currently 64 but will be turning 65 in September 2016. This means that when my final 2016/17 tax return is submitted to SARS at tax year end I will technically be entitled to the secondary rebate for the age group 65 - 75. Should my employer calculate my monthly PAYE Deductions at my current age (64), or the age I will be at the time of this final tax submission (65)?

Do I include a provident fund payout (on resignation) in my taxable income on the IRP6 return?

Posted 26 February 2016

Do I include a provident fund payout (on resignation) in my taxable income on the IRP6 tax return?

Tax refund for casual worker

Posted 26 February 2016

I'm working at a season job that will end next week. I will have been working for 13 weeks and paid about R8000 in taxes. I'm being taxed each week. The rest of the year I don`t get any income that means I don`t have work. I would like to know if I can claim my tax back. I `m under the threshold and I do have a tax number. I don't have pension, policies or a medical aid in my name.

Capital Gains in 2016/17 - is it part of Taxable Income for RA calculation?

Posted 26 February 2016

Next year will Capital Gains taxable portion be part of Taxable Income for Retirement Annuity contribution (i.e 27,5% calculation)?

Disclosing interest on the IRP6

Posted 26 February 2016

If a taxpayer earns 130,000 interest in the year, does he disclose the entire amount in the taxable income section of the IRP6 or just the portion of the interest income that is taxable. I,e 130,000 less R34500 exempt portoin. I see the form only deducts the primary rebate.
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