Tax on pension payout?

Posted 21 November 2013

I am thinking of resigning. My current pension stands at about R1, 375 000-00. What will the tax be on the payout?

When do you apply for a Tax directive?

Posted 21 November 2013

When do you apply for a Tax directive? I joined the financial planning industry (commission based) in January 2013 and I was told that I must wait one year before I can apply for a Tax directive.

As a financial planner, what deductions can be claimed?

Posted 21 November 2013

As a financial planner (commission based only), what deductions can be claimed?

Upon filing return received immediate IT34 notification of owing 13k makes no sense ? What do I do ?

Posted 20 November 2013

I just completed my return, I pay huge amounts for medical aid and also paid in additional R10 000. As I filed it instantly sent me an IT34 saying I owe them R13 133. I am in shock, don't know what to do I don't earn a massive salary and spend hundreds on medicines I have to use each month please help !!!

I owe SARS money, but cannot pay now - what will happen?

Posted 20 November 2013

I have to pay SARS back what must I do and what happens if I take to long to pay them the tax owed?

What is the code for rental income & do you capture mortgage payments as'rental paid'?

Posted 20 November 2013

Regarding rental income. The section 'rental paid' what exactly does this refer to?The monthly mortgage payment? Source Code - can't find rental income applicable code, could you help?Last year I used code 4210 - is this correct

How will my tax work when I work in SA for a foreign based company?

Posted 20 November 2013

I will be working for a UK based company from my home in SA. It is a very small business my sister has opened. I will be receiving foreign currency in either dollars or euros. I will earn a monthly salary. Will I pay normal tax? Will I pay tax in UK before I get my salary? How will this work for me? How will I get an IRP5? I wont be getting R250k per year but I am already a registered tax payer with the company I currently work for. I registered and submit returns every year even though I dont ...

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Can you assist with getting a certificate of residency?

Posted 20 November 2013

Can you assist with getting a certificate of residency for citizens currently residing outside SA?

Can I claim a tax deduction due to the contributions I've made to her medical aid?

Posted 20 November 2013

I wonder if you can help me. My wife works for Nedbank (NedGroup medical aid scheme)and I am on her medical aid, but I pay my contribution to her.
Am I allowed to claim a tax deduction because of the fact that we pay a monthly fee. On her IRP5 it says:Source code:4474=R16017(Employers med/aid contribution in respect of the employee) and 4005=R16017),total deductions(4497)=R32034.She does not claim any of the contributions.

Is it possible to for an employer to use an incorrect income tax reference number?

Posted 19 November 2013

I worked for a company from January 2012 - Aug 2013. About a week ago I contacted them to inquire about my provident fund (I am still waiting for my provident fund to be paid out into my account). They asked for my tax reference number, Apparently the incorrect tax reference number was given to the Financial service / investment company. I found an old IRP5 from a previous employer in 2006 as well as 2010 to confirm my tax reference number with them, but no one gave me any feedback as to what i...

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Fringe Benefit - Insurance policy

Posted 19 November 2013

My employer has included an amount in my IRP5 under income - fringe benefit, using source code 3801. This amount is for the contributions the company made on my behalf to a funeral and disability insurance policy. Is the source code used correct?
I contact the payroll department and they informed me that my IRP5 is correct as is.
When I look up the source code I see that it's for: "Assets acquired at less than actual value"

Interpreting business source code

Posted 19 November 2013

What would the business source code for interpreting services be? (language services)

Who is responsible for tax for spousal maintenance when separated?

Posted 19 November 2013

Am I responsible for paying tax on spousal maintenance received while separated? I am a South African citizen, live in South Africa and receive monthly payments from my husband who is of foreign nationality, lives abroad and pays money into my bank account that is also located abroad. I do not work and he has a job, receives a salary and pays tax in his country (though think he deducts his payments to me from his tax returns). When we separated we agreed to an amount he would provide on a month...

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Can I claim out of pocket medical expenses paid by me and not the medical aid?

Posted 18 November 2013

I would like to know if I can claim for medical expenses incurred this year from SARS?

I do not have a medical aid, I pay all my medical bills from my pocket

Are proceeds from a pension fund transferred to another fund considered non-taxable income?

Posted 18 November 2013

I changed employers, shortly before the beginning of the current tax year. At the time I transferred my pension/provident contributions across to another investment future fund (as you are allowed to do legally) without benefiting or receiving any physical proceeds. I have subsequently received an IT3(a) from the previous pension fund for the lump sum amount which has been recorded on my current pending tax return. I would assume that this is considered as non-taxable income ?

My dad is a pensioner and receives R323 per month from his annuity, should he add this on his return

Posted 18 November 2013

My dad is a pensioner and receives R323 per month from his annuity, should he add this on his return? so over 12 months R3876 for the tax year?

Can I submit a return without a IRP5?

Posted 18 November 2013

Can I submit a return without a IRP5? I received an IRP5 earlier in the year but have since left the company and no longer have it.

Problem with IRP5 details on ITR12

Posted 18 November 2013

My Employer (A Church), did not submit my IRP5 for tax season 2013. The person responsible (the Financial Treasurer) actually died of cancer in February 2013. So, this is my predicament: When I wanted to do my ITR12 On eFiling, there was no IRP5 details on my ITR12.

My question is: What is the correct protocol that I should follow to rectify the situation in order to get my ITR12 filed before the deadline on Friday 22 November. Can I fill in the IRP5 detail on the ITR12 myself?
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Can eFiling be used for more that one person

Posted 18 November 2013

I am doing my son's tax returns for him. I am registered on eFiling for my business, my son does not work for me can I do his tax return on my eFiling account?

Property tax deductions and CGT implications?

Posted 17 November 2013

If Property A was purchased in 2000 and used as primary residence up until 2012, then rented out for a year (due to work relocation to another province) and property then sold with a capital gain?

If property A above was re-bonded[currently settled], can the bond interest be deducted against its rental income or will bond finance interest on a 2nd property, to be used as primary residence, be allowed to be deducted against Property A's rental income?

Donation from brother, how is this taxed?

Posted 17 November 2013

My wife's father died last year, and her brother was the only person in the will, so he inherited all the money. He decided to split the money with my wife and gave her R290 000, paid into her bank account. The brother did not submit an IT144. What does SARS want to see on my wife's ITR12 now when she submits in November. Also how much tax is due, and who must pay it?

Do I have to register for tax of I earn a salary of R69 000 and interest of R3000?

Posted 16 November 2013

If I receive an income of about R69 900 per year as a salary and interest of about R3 000 per year. Do I have to register and fill in income tax forms on e-filing? What is the closing date for individuals?

When can a retired person stop completing a tax return?

Posted 16 November 2013

My mother used to work but has retired & does not get a pension because my Dad is still working. Her only income is about R400 for the yr in interest. She used to complete a tax return each year. How can she stop completing a tax return each year?

S10 exemption - how to disclose income on SA tax return?

Posted 16 November 2013

While working on a cruise ship - we get a salary + uniform allowance + commission. but seeing that the section 10 exemption will be meet how do we disclose this on the SA tax return? Just one amount or disclose each separately?

Medical deductions, what are we allowed to deduct?

Posted 16 November 2013

What is the definition for 'qualifying out-of-pocket' medical expenses ? So, what qualifies ?
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