Tax Implications Of a Cash Gift/Loan Between Family Members

Posted 30 September 2014

My wife received a R250K cash gift (or loan) from her mother on the condition that it should be repaid if the mother needs it back - otherwise it is to form part of her inheritance.Is there any tax implication to this besides my wife declaring the interest earned on this amount as taxable income on her returns?

How much tax will be deducted from my lumpsum payout.

Posted 25 September 2014

My resignation benefit is R265341,how much of this will I get out after tax has been deducted?

After retirement did consulting work then started working again

Posted 25 September 2014

After retirement I was paid as a consultant and started working again in Oct 2014. Do I have to declare the consulting fees I received before I started working again in Oct 2013?

Obtaining a tax directive from SARS - how long does it take?

Posted 22 September 2014

My name is Cobus. How long does it take GepF to get a tax directive from SARS

Check suitability of Tax-Tim format for specific taxpayer

Posted 8 September 2014

Please let me know if Tax-Tim Smart deals with 1. ...share portfolios and resultant dividend tax and CGT2. ... portion of medical aid contribution paid by ex-employer, in case of retired person3. ...with state pension received from foreign country

Retirement annuity value entered on automated web form

Posted 5 September 2014

when using your online forms, one of the questions is if I paid for a retirement annuity. How do I enter R1310.94. It wont accept the .94. Must I round it up or down

SARS tax on R2 588 819 on resignation

Posted 4 September 2014

How much will SARS tax on R2 588 816 lump sum on my resignation from government. I intend resigning by 28 February 2015

I want to declare my 4006, on TaxTim - RAF.

Posted 31 August 2014

I currently have an active retirement annuity fund policy also have the income tax certificate from Sanlam, where do I declare on TaxTim, that I own a RAF, SARS CODE: 4006.

What code do I look for on my IRP5 to find out if my employer contributes to my pension fund?

Posted 30 August 2014

What code do I look for on my IRP5 to find out if my employer contributes to my pension fund?

Do I submit the IRP5 for 2013 or 2014 for a pension lump sum received in May 2013?

Posted 30 August 2014

What is the financial year for a pension pay-out received in May 2013?

IRP5 treatment of retirement lump sum benefits

Posted 26 August 2014

I resigned from my employer in the 2014 y.o.a and took the full withdrawal from my provident fund with the company. The IRP5 received from the company does not include the retirement lump sum benefit received. Would it be correct to include the lump sum payment under code 3901 and claim a deduction as per the directive under code 4115?

How to calculate SITE AND PAYE ?

Posted 26 August 2014

I was earning R145 000 ,00 as an individual, what will be my site, for the financial year ended February 2014? My provident fund contribution was R4860,00 per annum.

Can I claim work related bank fees?

Posted 25 August 2014

Making withdrawals from a PayPal account into my SA bank account incurs FNB transaction fees that run me a few hundred rand every month. 100% of my funds in my PayPal account are earnings for freelance jobs I do online, so can I claim those FNB fees since it is basically an expense to get my income into the country?

IS A PENSIONERS MEDICAL AID SUBSIDY TAXABLE

Posted 18 August 2014

IS A PENSIONERS MEDICAL AID SUBSIDY TAXABLE

Tax Free Unit Trust Investments?

Posted 15 August 2014

Is there any other tax saving unit trust that one can invest in other than an RA or Pension fund. I heard there is a R 30 000 pa allowance if you invest in the right unit trust (or is this from 2016?)

Are ex company 50% share of med subs taxable in hands of retiree of over 70?

Posted 14 August 2014

I AM OVER 70 AND RETIRED . IF MY EX EMPLOYER PAYS 50 % OF MY MED SUBSCRIPTIONS MAY I CLAIM IT.S SHARE TOGETHER WITH MY SHARE FOR TAX PURPOSES SAY FOR THE LAST 3 YEARS THANKS?

What does 4001 on IRP5 include/made up of?

Posted 13 August 2014

What does 4001 on your IRP5 include? Is it your tax portion for pension or provident fund alone or company as well? My company incl my pension& provident in my CTC even though I pay for it , so the amount in the 4001 on my IRP 5 is shows that I pay 6% for my pension /provident fund , if it CTC what about the company's portion?

Reducing PAYE each month when paid by my employer?

Posted 12 August 2014

I receive a gross amount of R7000 a month from my employer.
Privately I pay medical aid and money to a Retirement annuity.

If I submit proof of this to my employer, can he reduce PAYE payments/deductions from my salary, taking into account these allowable deductions.

If my employer can do this does it then exclude me from having to file a tax return.

How to claim for medical aid that I pay 100% for as a sole member?

Posted 12 August 2014

I need help with my SARS claim regarding medical aid. I contribute 100% to the medical aid and I am the only member. I also contribute a pre-funding amount towards medical aid for the company for the purpose of retirement discount. How do I claim for my medical aid and what details and amount do I add?

What is the tax effect of me turning 65 years of age?

Posted 11 August 2014

for 2015 tax year ending Feb 2015 , I will be 65 in Dec must I treat my provisional tax return for the mentioned period as if I are already 65 by using rebates and other tax credits for over 65?

Why must I pay in every year to SARS?

Posted 10 August 2014

I was retrenched 7 years ago, I do received a monthly annuity, in the interim I am employed with the current company. My question every year I must pay in to SARS, WHY?

Unemployed, still claim for medical aid and RA ?

Posted 9 August 2014

Hi TimI have been unemployed this year so have had no income, but have still paid monthly for my medical aid (me and my daughter) and for my RA. Would I be able to claim any tax rebate/refund for the medical aid or RA ?? Thanks Canz

State pensions received from foreign country

Posted 9 August 2014

Are state pensions received from a foreign country taxable in South Africa in cases were contributions to such pension fund was paid while permanently residing and working in said foreign country? Must such amounts be declared as income? Are the banks obliged to advise SARS of such pension money transfers from foreign source?

Do you get a tax return if I received IRP5/IT3A?

Posted 8 August 2014

If I have received employee income tax certificate IRP5/IT3A stating the tax I paid on the first withdrawal, do I claim this tax back in my tax return?

Medical contribution for pensioner

Posted 7 August 2014

My siblings and I transfer funds to my mum's bank account monthly to contribute to a Discovery executive medical aid plan which is more than R4000/month; she is the main member. My mum gets a state pension fund which she lives on. She obviously will not submit a tax return. Now, can I claim the portion that I transfer to her account on my tax return. I have a EFT going out monthly from my account.

She is not fully dependent on me but obviously cannot afford a medical aid with a state ...

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