How much to pay into my RA?
Posted 13 January 2015
My RA allows me to make a top-up payment at any time.
Please can you tell me how to calculate the optimum lump sum amount I should pay into my RA in order to obtain the maximum tax advantage for the 2015 tax year?
I earn R60,000 per month before deductions and I should receive 2 more pay cheques before year end. My income for the tax year to date is R542,283.65 (Gross remuneration on latest pay slip). Therefore income for the year will be R662,283,65 as well as rental income of R55,000 coming to R717283,65....
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Can I cash out my UK pension in SA?
Posted 12 January 2015
Hi, I've been living in the UK for 6 years and want to return to South Africa at the end of the year. I have a private pension here in the UK. It's not worth much - probably under £10,000. I would like to find a way to 'cash out' this pension in the most cost effective way. I'm nowhere near retirement age - I'm 33. From what I can find on the net, it seems like I would need to transfer the funds to an SA pension provider. Is this really required? Is there any way ar...
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Are there ANY tax on foreign pensions ? (in the country of origin ?)
Posted 12 January 2015
A widow whose husband was employed in Germany now lives in SA. She receives her late husband's pension. Germany want to back date tax on her pension paid to her in SA - back to 2006.
We are aware that there is no tax in SA on foreign pensions. Is it fair then to tell the German authorities that the widow taxpayer IS registered in SA for tax, so they must NOT tax the pension at source ?.
All the articles talk about no tax in SA on these pensions but don't seem to address the issue of w...
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Filing elegibility
Posted 7 January 2015
I had a question about weather I need to file a tax return for 2014. I have lived outside of SA for 15 years and completed financial emigration last year when I closed a retirement annuity. The amt I received was very small (under R25 000). I did not receive/earn any other income. I did not pay tax on the amt I received as it was below the threshold. I still need to deactivate my tax number. Could you please let me know if it is necessary to file a SARS return for 2014. Thanks!
Funds transfers and tax liability?
Posted 7 January 2015
We came to SA in 1976 with permanent residency we left in 1999. We returned in 2012 thinking we still had permanent residency bringing our savings with us. We subsequently found that we had to reapply for permanent residency as it had expired. We are here on relatives visa but want to return to UK. How does that affect transferring our saving back to UK we are pensioners and have only received UK pensions and paid tax on that at source. We have received interest on savings @ 3.5% per annum.
Possible change in provident fund laws?
Posted 6 January 2015
If I want to take out my provident fund in April 2015, will I be able to take out the full amount?
What does a risk assessment entail and when will I receive my money. I am a pensioner
Posted 6 January 2015
I did my return at the Roodepoort offices of SARS where all the details were input by a lady at SARS because I could not get my various certificates to 'pull through'. The lady handed me an ITA34 and said she was surprised that I was not selected for audit. The ITA34 shows SARS owes me R1 000 odd. This is now outstanding since 22 November and when I query this, I am told that this is due to a risk assessment being done by SARS. The first time I queried this I was told it would take 90 days t...
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Provisional Taxpayer or not?
Posted 29 December 2014
Im currently working for a employer whom pays my salary monthly along with benefits such as Vehicle, Cell Phone, Medical and UIF/Pension. I'm also a partner in a small business that doesn't return large amounts, largest would be R60 000.00 per annual however would be paid out as a salary and also taxed. Would I therefore fall under a provisional tax payer or normal? Noting again that the income gained from the business is paid as a salary over the year and has its own taxes on it.
How much tax will I pay from my resignation benefits?
Posted 26 December 2014
I'm an educator resigning January 2015, I worked for 26yrs...my total contribution is 1767035.01...how much will I pay for tax?
Can I still claim my taxes this year?
Posted 22 December 2014
Can I still claim for my taxes this year and what is needed?
Please let me know what my tax should be per month?
Posted 11 December 2014
I pay R5920pm before deductions can you please let me know how much my UIf, sick pay provident fund and levies and tax per month should be?
Tax directive for over 79 - part-time work (temporary)
Posted 7 December 2014
I am retired person age 79 being paid a SASSA Social pension of R1370 per month. I want to do a part time work in the complex I live in and wish to reactivate my SARS tax reference number an I will be earning a commission of doing some administrative work for the complex owners. Depends on the number of tenants I find and also promoting their holiday letting the earnings may be up to R4000 per month max in peak period.What tax must I pay and what is the tax directive required for a person at age...
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Retirement calculation?
Posted 4 December 2014
How much can I get if my pension money is R1 010 000. for tax year 2015
TAX AMOUNT OF LUMP SUM OF RETIREMENT FUND WHEN I RESIGN
Posted 1 December 2014
I WANT TO KNOW HOW MUCH THE TAX WILL BE ON THE AMOUNT OF R1 392 779 - THIS IS THE AMOUNT OF MY RETIREMENT FUND WHEN I RESIGN NOW
Depreciation on LDV for property rental business
Posted 29 November 2014
We have accumulated 8 rental properties over the last 10 years. I will soon retire and plan to do all maintenance myself, including some of the gardens. Will SARS accept depreciation on the LDV and tools that I plan to acquire and will it be acceptable to apportion these costs pro rata the various properties? Is it acceptable to combine all properties into one business for tax purposes?
When calculating the tax portion on a lump sum payment isn't the first R500,000 tax free
Posted 29 November 2014
When calculating the tax portion on a lump sum payment isn't the first R500,000 tax free which means the tax calculation should only be done on the remaining portion. With a lump sum of R3,000,000 the taxable portion is R2,500,000. This means the tax will be 36% of the amount exceeding R1,050,000 + R130,500 which is 36% times (R2 500 000 - R1,050,000) plus R130,500 = R 652,500
My estimated pension is R1 200 000
Posted 27 November 2014
I am 46, I was dismissed from the saps during nov 2012, my pay out is 1 200 000, how much tax will I pay, am I entitled to gratitude from SAPS?
Incorrect Retirement Annuity amount 2008 money owing to SARS?
Posted 26 November 2014
This year I had a verification done on my tax by SARS and was told that I owe them money due to an incorrect RA amount on my 2008 TAX return . Basically the Rands and cents were done incorrectly. I however still have a communication letter from them for that year in which they requested that I provide proof of this. In the letter it states that if no proof can be submitted the RAF claim will be disallowed. I know I sent in a copy of the Retirement Annuity amount because I had the 2 documents st...
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What is tax on R10700 per month?
Posted 26 November 2014
How much I will be tax if I have a cash component of R10700 and also other expense such as medical and pension fund and uif?
Treatmnet of taxable earnings refunded in clawback of maternity leave
Posted 21 November 2014
My question is around the treatment of the tax on maternity leave that is clawed back. Our company pays 4 months full pay while an employee is on maternity leave,but there is a clawback should the employee resign within 12 months of returning from maternity leave.
We calculate the clawback on a gross salary plus allowances and any benefit payments, eg: Basic pay, plus travel allowance, plus company paid medical aid, plus company paid provident fund, and deduct the sum of these from any outstanding money due to the employee. We deduct the total due as an advance and credit the cost centre accordingly....
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should I do a tax form.
Posted 21 November 2014
I've worked in the DRC up to June 2013. Then I was put on pension. I was unemployed up to April 2014. I was not sure whether I still have to do my tax certificate. Thanks
Is claiming for my old aged dependent mother allowed from SARS?
Posted 19 November 2014
I pay for medical aid for my mum , she collects government pension and Is otherwise dependent on me , she lives with me too . Can I claim from SARS for medical aid contributions and amounts not recovered from medical aid for tax period 1 March 2013 to 28 Feb 2014
Do I declare and pay tax on interest received from my RAF capital?
Posted 19 November 2014
According to your answer on a previous response on road accident fund payout, the funds received does not have to be declared and is non taxable.
What about the interest received on the funds? The interest earned are my only source of income do I have to declare the interest received and pay tax on it?
How to do the tax calculation upon resignation?
Posted 18 November 2014
I'm resigning from the department of education. I received benefit calculation from GEPF = R1 285 837 what will my tax be ?
thanx
I do have code 4018 but im prompt that I DO NOT have it, what now?????
Posted 18 November 2014
Please make the below changes before continuing:
You can't enter income protection as a deduction if your IRP5 deductions list doesn't contain source code 4018
MY IRP5 DOES CONTAIN 4018 WHAT NOW???
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