Pension Fund Payout pre-retirement for tax purposes?

  Written by Marc   Posted 30 January 2015

I am 32 years old and have recently resigned (from a government department). I would like to withdraw my pension, but as part of this can either have it paid out to me (and taxed), or transferred to an RA fund. What are the tax implications for me on payout, considering I pay tax on my salary and business income, and am thus on a relatively high rate?

Is PAYE included in the gross income figure on an IRP5?

  Written by Marc   Posted 29 January 2015

Where do I show PAYE paid over to SARS in the books? And is PAYE included in the gross income figure (code 3601) on an IRP5?

Are setting up of WILLS tax deductible?

  Written by Marc   Posted 29 January 2015

Can I deduct the cost of setting up a Last Will and Testament in my next ITR12? I have already received an invoiced from my attorney.

How to calc and when to pay CGT on a once off payment?

  Written by Marc   Posted 28 January 2015

received a once off payment in June 2014 from a trust and my company asked Phillipp Haut for an opinion on how it should be taxed. His response was
What is certain though, are the following:
1. The beneficiary must disclose the capital gain in his or her tax return. 2. This involves showing the relevant portion of the trust?%u20AC%u2122s proceeds and base cost of the shares. 3. No employees?%u20AC%u2122 tax needs to be withheld. 4. The capital gain must be taken into account in the employee?%u20AC%u2122s second provisional tax return for the year in which the gain is distributed to him or her. My questions are:...

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Offshore Tax working for SA company

  Written by Marc   Posted 28 January 2015

I work offshore for a SA company and as such have monthly tax deductions. I have been out the country for more than 183 days of which 105 days were consecutive. Do I qualify for tax exemption and able to claim my tax back?

Source code 3022 - PROFIT FROM TRADING ACTIVITIES (TAXABLE) not on eFiling

  Written by Marc   Posted 28 January 2015

I am trying to declare the profit on the trading of shares (non-Capital gains) in e-filing but the required source code (3022 PROFIT FROM TRADING ACTIVITIES (TAXABLE)) is not available on the pop-up list and I cannot force any other source code than those on the system. What do I do now?

IT88 definition?

  Written by Marc   Posted 28 January 2015

Please give the definition of IT88 and how it arises?

Tax refund on inheritance

  Written by Marc   Posted 28 January 2015

My partner inherited some money (from policies and investments) over the last financial year and paid a lot of tax on the payments. My question is, because he is not employed, can he claim any of the tax back?

What are the implications of self funding benefits such as life cover, disability, med aid etc?

  Written by Marc   Posted 28 January 2015

What are the tax implications of self funding benefits such as group life cover, disability cover, medical aid and retirement funding compared to when these benefits are funded in full. Partially by a company. Would my earnings or tax benefits be less or more?

Can income tax number be done over the phone

  Written by Marc   Posted 27 January 2015

Can't I apply for a income tax number over the phone because we don't have SARS in our area,and its my first time to get a job?

What to write in Employer Details field on IT77 form registering fot Income Tax

  Written by Marc   Posted 27 January 2015

My father passed away, I will be inherit his farms,there is a lease agreement that will continue. I am not currently working. I applied for a loan at Landbank, to pay estate duties, they require me to register for Income tax and Vat. What should I write on the application form field requiring Employer Details? Unemployed? or Self-Employed. Where do I register for VAT?

Incorrect provisional tax return resulting in monies owing to SARS?

  Written by Marc   Posted 27 January 2015

Can I negotiate with SARS to reduce an amount owing from a previously incorrect submitted tax return i. E. An accountant submitted a provisional tax return on my behalf. I left the company after three months and did not earn a further income. SARS now wants money from me.

Need special license for my business?

  Written by Marc   Posted 27 January 2015

Where can I get tuckshop licence

Tax refund for medical expenses paid from my own pocket?

  Written by Marc   Posted 27 January 2015

My husband pays the medical aid contribuions but I have paid 107000 to medical practitioners for operations that I have had in 2014 how much would I be able to claim on my tax return I have all the proof of payments made

I did the interview at MR PRICE so they want TAX NUMBER?

  Written by Marc   Posted 27 January 2015

I had my interview at MR Price today so they want me to go to SARS and have TAX NUMBER. So I want to know, DO I HAVE TO PAY TAX?

Declaration of donations for tax purposes on the ITR12?

  Written by Marc   Posted 26 January 2015

My wife is a housewife and does not earn any income. I regularly make investments for her into unit trusts. Do I have to declare these donations to SARS? Thank you

Allocation of Small Asset write off on ITR14

  Written by Marc   Posted 26 January 2015

ITR14: Would small assets (below R7000) that were expensed during the year, be reflected as depreciation (under Expense Items and Adjustments: Added back) and under Adjustments: Allowable as Wear and Tear: s11(e) on the ITR14?

My income tax number?

  Written by Marc   Posted 26 January 2015

How do I get my tax number?

Salary paid and claimable expenses?

  Written by Marc   Posted 26 January 2015

1. I am a salaried employee, I receive a travel allowance so I claim my business km's by using a logbook- but I would like to know whether I can also claim the depreciation on my vehicle even if I claim km's?

2. My wife was unemployed for 18 months, so I paid for her medical aid, she submitted a 0 return for herself, would just like to know whether I can claim the medical aid expenses on my tax return ( as I paid for it, but it is on her name). 3. I have a Samsung Tablet which I use 9...

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What declaration must a partner in an investment partnership include within his/her tax returns?

  Written by Marc   Posted 25 January 2015

A number of individuals contribute monthly towards a partnership whose sole business is investing in the stock market. This results in capital gains and interest being earned on an annual basis. The administrator of the partnership issues an annual statement which reflects the % holding, interest and capital gains/losses which were derived during the relevant tax period. This annual statement is issued by the administrator for purpose of the individual partner's tax declaration in respect of the...

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S10(1)(o)(ii) - does all the time out of SA need to be spent actually working?

  Written by Marc   Posted 25 January 2015

I am a freelancer, and last year I spent 248 days out of SA, in three blocks (including one block of more than 60 days). During some of this time out of the country, I did some contract work - two jobs for two different foreign companies, and one job for a South African company. But I spent much of the time not actually working, but travelling/holidaying. Of the 248 days, only 97 were spent on work contracts. So I just want to clarify whether the income I earned on those three contract jobs is t...

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Tax implication for my child if I give her 500 000 .00?

  Written by Marc   Posted 25 January 2015

I want to give my child 500 000. 00what is the tax implication for my child?This is for a gift. Thank you kindly

Is a loan to an employee a S11a deduction?

  Written by Marc   Posted 24 January 2015

If a company borrows e. G R5000 to an employee, with no interest, Is it a S11 (a) deduction? where do I work it in, in the taxable income of a company?

Is it mandatory to file every NOO that you request on eFiling?

  Written by Marc   Posted 23 January 2015

How do you delete/cancel a Notice of Objection that you have requested on eFiling when you realise SARS have actually been right in their assessment. This is before filing the NOO.

Who should be liable if you income gets combined by SARS & you owe them but you as the tax payer wer

  Written by Marc   Posted 23 January 2015

Why would you fall under another tax bracket if you get a basic salary from employer A & commission from employer B which get paid on different dates, however you pay tax on both according to what you earn from each employer A & B ,who should be liable if you income gets combined by SARS & you owe them but you as the tax payer were not aware of this, you only find out once you submit your returns.
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