Query for Tax Tim Website - want to know what documents to bring along to the internet store before.

Posted 18 November 2014

What documents do I need when asking tim to complete my SARS tax form? IRP5 and anything else ?

How is the income from my discretionary savings taxed, in retirement, e.g. I invest the discretionar

Posted 18 November 2014

I am about to retire at age 60 years, with two main streams of income, i.e. proceeds from Provident Fund and retirement annuities which I plan on putting in a Living Annuity and discretionary(after tax) saving proceeds. I understand the income from the living annuity will be taxed at PAYE rates. How is the income from my discretionary savings taxed, in retirement, e.g. I invest the discretionary savings in unit trusts and take an annual income from that which I place in my Money Market account t...

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Can I claim back tax from contributing a monthly amount to a parent?

Posted 17 November 2014

I make a monthly contribution to my mother as she is a pensioner. Would I be able to claim back on this tax?

Why didn"t the company show provident fund on the IRP5?

Posted 12 November 2014

I want to know about the provident fund (4003) its not shown on my IRP5 that I get from the firm.
How will the tax man know that I pay provident fund when its not shown on my IRP5.

Transfer provident fund

Posted 12 November 2014

I resigned from my job at the end of December 2013 so that I could study this year. I transferred my provident fund (momentum funds at work which was mandatory company group benefit scheme) to Allan Gray provident preservation fund. I now see that there is a new form (IRP5/IT3) on my ITR with the details of the transfer (income received 3920 and gross non-retirement income received 3698).So the question is am I going to get taxed on this or how do I indicate that it was a transferred to a new fu...

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Med aid and RA on my IRP5?

Posted 12 November 2014

The amount on my IRP5 for code 3810/4005/4474 (all the same R23022) but more than the amount indicated on the medical aid tax certificate (R22092). Which amount do I use for filing purposes.

Also, I contribute to retirement annuity privately and for the period 1 March 2013 - 28 February 2014 paid R17080. do I put the same amount for code 4006/4007?

Is list of local and foreign assets required by SARS, for foreign pensioners in South Africa?

Posted 11 November 2014

I am French resident, who retired in South Africa. I receive a pension from France.

My tax consultant says I must complete a document, listing all my local and foriegn assets. Is this correct? and if so, why is this now required?

Tax implications of working in Germany

Posted 11 November 2014

I work in Germany, am taxed in Germany (heavily it seems). What are my tax implications in South Africa?
Do we file a return in Germany & South Africa?

My husband has been working in Germany since the beginning of 2013, and myself since March 2014.
We are in Germany for the entire time (visiting SA for maybe 1 month to 6 weeks a year).
We also pay for medical aid, and related German funds (church tax, solidarity tax, retirement taxes, etc)
We both have an Retirement Annuity running in South Africa too. ...

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What is the tax on a lumpsum amount of R200 000?

Posted 11 November 2014

What is the tax on a lumpsum amount of R200 000 if i resigned from my job and got paid from my fund?

What is the tax on R1 101 000.00

Posted 11 November 2014

What is the % of tax calculation when resigning?

Do I use my PAYE no. to submit a Tax Return?

Posted 10 November 2014

I have not registered a tax return for the past 15 years.
I receive a pension and have a PAYE number.
Do I need to register with the SARS for my tax Returns or do I use the PAYE no.

Is interest from a government taxable?

Posted 10 November 2014

Is interest from a government source taxable?

Early retirement lump sum

Posted 9 November 2014

I am resigning in December 2014, but owe SARS about R5000. Will SARS deduct it with my pension lump sum tax?

SHOULD EMPLOYER CONTRIBUTION OF PENSION ADDED TO GROSS INCOME

Posted 5 November 2014

IS THE PENSION CONTRIBUTION BY THE EMPLOYER CONSIDERED A BENEFIT AND PUT UNDER CODE 3697?

Fund withdrawal - what are the tax implications?

Posted 4 November 2014

If I resign, how much tax would I pay on my provident fund withdrawal.

Lump sum indication on personalization of eFiling form?

Posted 1 November 2014

I have a lump sum paid out from a liberty life provident fund, and have a tax certificate for the transaction. When personalizing my return on eFiling, where do I state that I received this income?

Do I automatically become a tax paying SA citizen because I registered with SARS & renewed my ID Doc

Posted 31 October 2014

I was born in SA 75 years ago. 1995 I became a US citizen. 2006 I opened a NON-RESIDENT ACCT with FNB CT and bought a flat. 2013 I renewed my ID Doc to do a 12 week job in CT and registered with SARS. My NON-RESIDENT ACCT changed to RESIDENT ACCT. 2013 I retired to CT for 9 months & in 2014 for 8 months, but annual visits before then were only 6 to 8 weeks. Do I automatically become a SA citizen for tax purposes because I registered with SARS and renewed my ID Doc? Does not my history...

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Would I qualify for a Tax Refund if I earn R7000 a month before deductions?

Posted 29 October 2014

I currently earn a salary of R7000 p.m before deductions. R199.50 is deducted every month for PAYE Tax and R70.00 for UIF.

Do I need to fill in a Tax Return form and would I qualify for any refund. I do not have any Medical Aid or Pension Fund,etc.

I'm not very clued up on all these things.

Your help would be greatly appreciated:-)

Additional Income - is it taxable?

Posted 28 October 2014

I currently earn R12650 R1391.50 shift allowance per month through my company. I will be getting an additional income R8085 from next month separate to my employer.
1. Do I need to declare this additional income?
2. Will this push me into the next tax bracket and what will be my tax amount?
3. How best can take advantage of any tax benefits for this additional income?

Will I pay 40% tax if I took my money out now

Posted 24 October 2014

I want to withdraw my pension fund and start my own company. My amount with old mutual stand on R1 172 000

How much tax will I be paying?
my hr department tells me it will be 40% the same rate that I am being taxed on now.

Tax on Severance Pay?

Posted 21 October 2014

how do you tax Severance Payment?

What will be the total tax payable to SARS?

Posted 20 October 2014

It would be appreciated if you can advise what will be the total tax payable to SARS. My age is 56 and I go on early retirement in oct 2014.

Provident lump sum is R940 000
My contributions to the PF is R260 000

Tax on Forex withdrawals

Posted 16 October 2014

I am 21 years old and I have recently started Trading on the Forex Market to try and help finance my studies. I've been trained very well and am doing pretty well on the platform.

The course the I am going to be studying costs R 35 000,00. The thing is I need to withdraw that amount and still keep about R 10 000,00 in the account in order to keep the account 'tradable'. As well as have some money on the side to help me get through the month for petrol and so on and so forth.


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Tax on pension payout?

Posted 14 October 2014

I'm expecting a pension payout of R423 970.07. How much tax will I pay on this amount?

Can I claim income protection premiums paid by my employer on my behalf?

Posted 9 October 2014

My employer pays income protection premiums on my behalf.Can I still claim this as a deduction on my tax return?
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