Does disability influence the tax calculation on lumpsum pension fund payout?

Posted 9 October 2015

If I have been really receiving a disability income from my place of work, how does this affect my pension fund lump sum payout? Is disability taken into account when the lumpsum is taxed?

MEDICAL TAX CREDIT REFLECTED ON IRP5/IT3(a)

Posted 9 October 2015

1. I am retired and a deduction for my Medical Aid Contribution is made from my monthly pension. My Tax Certificate displays a basic Tax Credit (R257 x 2 x 12) which does not include the extra Tax Credit for claims submitted to, but not paid by, my Medical Aid Fund. My neighbour, on the other hand, who also has a deduction for his Medical Aid Contribution from his monthly pension, received his Tax Certificate which reflects a Tax Credit taking into account a basic Tax Credit (R257 x 2 x 12) as well as his claims submitted but not paid by his Medical Aid Fund...

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UNDER 65 PAYE 2005 R4500 NET SALARY

Posted 8 October 2015

What was the paye amount for an individual under 65 years of age earning 4500 NET IN 2005??

Unemployed

Posted 8 October 2015

I was retrenched and I'm presently unemployed. I'm living on the interest from a lump sum investment which amounts to about R8000 per month. Do I need to pay tax?

Audit Review

Posted 8 October 2015

Hi Tim

I was retrenched and received my provident payment in March or April 2014 so now for 2015 submission I submitted the provident IRP5 and I also started with a new company in October 2014. The provident fund irp no tax was deducted but for my new employer there was but is was for total income less than R75000 for the 4. 5 months. I filed my tax return and now I received a letter for Audit review. From the looks of the calculation it seems SARS needs to refund me, how long does th...

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Calculation of PAYE

Posted 7 October 2015

Calculation of PAYE. Earnings include allowances(standby, acting, travel and cellphone). UIF, medical aid and pension fund are deducted.

Retirement annuity contributions - do I add two amounts next to 4006?

Posted 7 October 2015

I have received a tax certificate from Liberty regarding my retirement annuity. It states the total contributions I have made, SAID code: 4006. My employer also contributes to my retirement annuity and there is also contribution stated on my IRP5 with SAID code: 4006.

Do I add these two totals together or is the total contributions I made on the certificate from Liberty added separately?

I am paying to much tax, what now?

Posted 7 October 2015

I did the tax calculator and my company is subtracting 5 times the amount of tax that I should pay from my salary each month. When I asked them About it they said they have a system that works it out and didn't want to help me. What should I do now?

Can I submit receipts after SARS has already done my tax for 2015?

Posted 6 October 2015

I went to SARS and they did my 2015 tax. They said they owe me some money. But what I would like to know is can I submit my medical receipts and RA tax certificate still? I forgot to take it with me and submit them. Is it too late?

How much tax is required if you earn R17500 per month

Posted 5 October 2015

What is tax figure if you earn R17500 monthly and you contributing R810 provident fund

Retirement Benefit of R500,000 Tax free

Posted 5 October 2015

How do I take advantage of the R500,000 tax free portion AT RETIREMENT? I was retrenched at age 54 and paid full tax on my retrenchment lump sum. Now that I am 56 and would like to retire on the funds in my pension preservation fund, I do not understand why the tax directive on the first R500,000 from my preservation fund was taxed. I have NEVER retired before so I should have the full R500,000 tax free ON RETIREMENT?? Numerous calls to the SARS call centre have me confused between benefits at ...

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Pension fund reflects payout but it was moved to a preservation fund.

Posted 5 October 2015

When I left my previous job I moved my pension fund to a preservation fund. I did not do my 2014 taxes and now when I go on SARS eFiling my IRP5 seems to reflect that I was paid out the money from my pension fund. I'm not sure what I'm supposed to do now. Would signing up for your service show me the steps I need to deal with this on my 2014 tax return?

Non-resident tax implication on rental income?

Posted 5 October 2015

Myself and the wife ( non-residents / Irish citizens and tax payers) bought a property in South Africa in both our names. Does the R 65 000 tax exemption apply to each of us individually? The combined rental income is R 120 000 after expenses/deductions. We plan to invest the rental income in a flexible money market account at 5,75%. If the exemption applies to both i. O. W R 130 000 combined, do we have to register for tax?
Can flight tickets once in two years to oversee maintenance and i...

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Concerned about source codes that appear on IRP5 but not prompted by TaxTim

Posted 2 October 2015

Hi there

I had 3 IRP5s for the 2009 tax year. I have just completed your questionnaire but am concerned as I was not prompted to punch in some source codes that appear on two of these IRP5s. The outstanding codes are the following:

- 3695
- 3699
- 4103
- 4473
- 4474
- 4486
- 3808
- 3810
- 4001
- 4005
- 4472
- 4474
- 4486
- 4103

Many thanks in advance.

What % tax u pay if your provident payout is R750000

Posted 1 October 2015

I will be retrenched next year my age 52

How do I submit 2007 return without documents?

Posted 30 September 2015

SARS is requesting that my husband submit a 2007 tax return. However, he was only working certain times during that tax period (as a freelance contractor) and has no IRP5. He contacted the company he worked for as well, and they have no record of a IRP5 as well. What do you advise him to do now if he has no documents for that tax period? He may be able to get a record of his retirement annuity contributions, but that is all.

Does 4001 get added to personal contribution to RA to make up 4006?

Posted 30 September 2015

If I pay my own RA in addition to my employer as reflected on IRP5, as 4001, do I add this to my own contributions under 4006?

Calculation regarding lump sun withdrawal benefit?

Posted 28 September 2015

How does the calculation work regarding lump sum withdrawal benefit (3920) from Sanlam Life Insurance Ltd and is the any deduction on that amount?

Gross income reflected under incorrect source code

Posted 28 September 2015

My IRP5 incorrectly reflects my income received as Gross Retirement Funding income (3697) instead of Gross non Retirement Funding income (3698) - How can I fix this?

Request for Supporting Documents but I have not been employed for 3 years

Posted 27 September 2015

SARS is asking for supporting documents related to my tax return but I have been unemployed and living abroad for three years! I don't have any of the documents they are requesting. I still pay provisional tax and submit that tax return dutifully. I read that I must swear an affidavit at a police station but I am currently not in the country and won't be back for several months - they need these supporting documents in 21 days. What must I do? (I did email them, asking them what to do, but they ...

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My total taxable return is higher than normal, am I being punished for bonuses received this year?

Posted 25 September 2015

Hi Tim, I have recently completed my tax return. I received a first assessment that said I owed SARS 7630 but I was selected for verification. After the verification process, I received another assessment that reflected R0 amount. But it appears I still owe the initial 7630. Firstly, I don't understand the different conclusions reached in the two assessments and why the first one appears to hold still. Second, my total taxable income for the year being assessed is unusual in the sense that it in...

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PAYE on retrenchment.

Posted 23 September 2015

Do you deduct PAYE when an employee is being offered a retrenchment package.

If the company my husband works for is liquidates. How does his provident fund payout work?

Posted 23 September 2015

If the company my husband works for is liquidates. How does his provident fund payout work. He has been with the company for 25 years and the total amount in the "kitty" both portions is R2 800 000. How can we work out how much we will actually get out if they liquidate. Can we apply for a tax directive?

Could I claim all contributions and additonal medical costs for a dependant parent of 73?

Posted 23 September 2015

This question is about medical tax credits. I am a 73 year old pensioner. I thought that if I was a dependant on my son's Discovery medical aid, then he could claim form his tax the full contribution for me (being over 65) and also any additional medical costs I incur which are not covered by the medical aid (the full amount). Am I correct?
And I will tell my sons about this terrific service. Thanks

Tax on pension fund employee and employer contribution

Posted 23 September 2015

If my gross salary is R14000. And the employer now decides to join a pension fund and will contribute 5% and the other 5% will be a deduction from the employee. How much is the taxable income now?
Does it stay R14000 since the R700 now becomes part of the employees income and will be deducted before tax? and the employees contribution is just a normal deduction and not tax deductible?
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