What is the tax threshold for provident fund payouts?

  Written by Marc   Posted 23 June 2015

I had 2 lump sum payouts ,company shares and provident fund pay,and I was taxed on both occasions, plus I was taxed on PAYE. I'm a bit confused. What is the tax threshold on provident fund and the shares payouts? The total for the lump sum was R200 000

Code for severance for voluntary retrenchment severance pay?

  Written by Marc   Posted 23 June 2015

I have paid a severance amount to an employee that took voluntary retrenchment. What code do I use on the IRP5? The value is not very high, as the person worked for just over a year.

Estimate of services

  Written by Marc   Posted 23 June 2015

Good day Tim. I'm now retired (73yrs old). Please give me an estimate in rands of your services you provide & what documents would I need to send you.

Tax back on buying property cash?

  Written by Marc   Posted 23 June 2015

Hi I got a pension payout when being divorced, it was taxed before payout, I bought a house cash, will I be able to get something back, I am not working.

Does that once off R500 000.00 tax free still apply for a person younger that 55yrs on retrenchment?

  Written by Marc   Posted 23 June 2015

I just want to find out, is the retirement package taxed the same way as the retrenchment/severance package if the person is not yet at the retirement age but his/her employment was terminated?

Want to know tax on R720 00 (lump sum) and R16200(salary)

  Written by Marc   Posted 23 June 2015

I an educator retiring early in June, who has worked for 27 years and 6 months. I want to know how much will be taxed from my lump sum payout (R720 000 ) and salary(R16200. 00)

Lumpsum percentage if i resign?

  Written by Marc   Posted 23 June 2015

How much you tax if I resign from an amount of 1600 000. 00. Percentages?

Extra income

  Written by Marc   Posted 23 June 2015

I own a one bedroom place, wirth about R700 000 in a retirement place. Besides my own home. My main income is salary and tax covered there, IRP5. I get rent of about R36000?
must I register as a provisional tax payer?
is there an amount of extra income for which one does not have to register as a provisional tax payer?
can that income be placed under a general category as extra income?

Tax credit for medical expenses?

  Written by Marc   Posted 23 June 2015

I have a question about the SARS rebate for out-of-pocket medical expenses: According to your blog post (https://www. Taxtim. Com/za/blog/medical-aid-tax-2014-how-sars-new-changes-affect-you), medical expenses only qualify for rebate IF medical aid contributions are greater than 4x the fixed tax credit. (Assuming the taxpayer is under 65 and not disabled. ) However, on the SARS website (http://www. Sars. Gov. Za/TaxTypes/PIT/Pages/Additional-Medical-Expenses-Tax-Credit. Aspx), under Examples 2...

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Provident fund tax

  Written by Marc   Posted 23 June 2015

How do I calculate the tax from the Provident Fund lump sum when resigning. I just want to have an idea of how much I will take home. Thank you.

Married ICP (should we not be taxed as a couple i.s.o.a single person)?

  Written by Marc   Posted 23 June 2015

My wife and I are married In Community Of Property (Feb 1977). She stopped work 2002. Why do I still pay so much tax. My income is from my pension (Investment) and I do odd jobs throughout the year. My wife has no income. Should'nt we be taxed as a couple (2 People) instead of me being taxed as a single person? I submit my Tax Return on E-Filing.

REFUND ON PENSION PAYOUT

  Written by Marc   Posted 23 June 2015

Good day I GOT MY PROVIDENT PAYOUT LAST YEAR JULY , GOT ,Y IRP5 FROM THE PENSION FUND WITH AN AMOUNT OF R139686 UNDER CODE 3920 AND 139686 UNDER 3698, I ONLY STARTED WORK NOW AT A NEW COMPANY SO DIDNT PAY TAX ONLY FROM NOW AS I ONLY STARTED AT A NEW COMPANY NOW SO I ONLY HAVE THE ONE IRP5 SO I ONLY USE THE ONE ON eFILING DO YOU THINK I WILL GET A REFUND ?

Tax deduction on resignation lumpsum?

  Written by Marc   Posted 23 June 2015

If your lumpsum for resignation is R152 000. 00. What amount will be deducted for tax.

First timer currently not registered with SARS

  Written by Marc   Posted 23 June 2015

I am permanently employed for 2 years and prior to that I was temping for the same company for 4 years. My salary is currently R7000 after med aid, tax and pension deductions. Do I need to register for tax and submit a return?

What tax amount is deducted from a provident fund when retrenched?

  Written by Marc   Posted 23 June 2015

I have been retrenched. How much tax will I pay to withdraw from the provident fund value of R600 000

Tax on leave payout and which law governs the tax deducted

  Written by Marc   Posted 23 June 2015

What amount should you get taxed on for leave payout if it is paid out separately and not with your monthly salary? Is it suppose to be taxed as a lump sum using code 3605? What law governs the tax deducted for this? would it be a SARS law or a LRA law? Please advise

Can my retirement annuity and charity contributions paid by my spouse be claimed by my spouse

  Written by Marc   Posted 23 June 2015

Unemployed for past financial year and spouse paid my retirement annuity contributions and donations . Can he claim my retirement annuity contributions and donations against my spouses tax

How much PAYE should I be paying to SARS?

  Written by Marc   Posted 23 June 2015

I started working in June 2014 and I am not sure how much tax I should be paying (PAYE) and whether I will fall withing the 2014/2015 tax season as I started working in June of last year. I have tried to use the calculators but I am not sure I understand. Assuming that I earn R300000as total annual package, from which I contribute towards my own pension fund. What is my estimated PAYE amount monthly?

What tax is payable on a voluntary retrenchment package and pension fund lump sum withdrawal?

  Written by Marc   Posted 23 June 2015

I am 53 and am being retrenched by my company. They have offered a voluntary retrenchment package of approximately 700K. What amount of tax will I pay on this amount? What tax will I pay if I withdraw my pension fund and not transfer it to a preservation fund?

Can I submit tax return whilst I'm retrenched

  Written by Marc   Posted 23 June 2015

I was rentrenched now in May the 6th is it necessary for me to submit my tax return for refund

Refund on Tax paid?

  Written by Marc   Posted 23 June 2015

I recently withdrew my pension fund as at end Jan 2015 due to resignation from my previous employer. It was the first time I withdrew a pension fund. Is that not going to have a negative effect on getting a refund with SARS for this tax season?

Commission Earner - what can I claim for tax purposes?

  Written by Marc   Posted 23 June 2015

I am a commission earner and familiar with submitting returns for petrol expenditure, medical aid and RA contributions. The only other expense that I have not claimed for is the use of my cell phone, which is used in majority for work purposes. The question is how do I prove, if audited, the allocation of phone calls that have been used for work purposes; or do I just apportion my monthly subscription fee, say R2000. 00 x0. 50 = R1,000. I just don't want to find myself in the predicament were I ...

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Tax on provident fund withdrawal?

  Written by Marc   Posted 23 June 2015

How do I calculate the tax on a cash withdrawal from a provident fund for year ending 2016.

Benefits tax - am I a normal taxpayer?

  Written by Marc   Posted 23 June 2015

Good day, I am on a government contract and don't pay any pension fund and medical aid. I only pay UIF and PAYE. Do I fall under the same tax bracket as a permanent employee? Will I maybe get a tax return because I don't have the abovementioned benefits

Tax on Fixed Deposits

  Written by Marc   Posted 23 June 2015

I am currently saving for a house, so I am investing in a 3 month Fixed Deposit (I want to avoid equity risk for now). I earn approximately 6% pa. What is the limit of Interest Earn that is exempt from tax? If I change the investment term to 1 year, starting 01 June 2015, the investment matures on the 01 June 2016. Do I pay tax on these returns in the 2015 tax year?
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