Received a Reduced Assessment due to provident fund discrepancy
Posted 6 August 2014
Help, I just received a REDUCED ASSESSMENT ITA34 from SARS. I submitted my tax return but at that time for tax period 2013/2014 I hadn't received a small portion I cashed from my company provident fund to settle study debt when I left me previous company on the 28th Feb 2014.
My original assessment indicated I was due -R9,460.29, the latest assessment indicates that I'm only due -R0.19. Reason for the Reduced Assessment is "Income no declared".
The Provident Fun withdrawal amount was R137,769, I withdrew R32,152.29...
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What documents are needed for submission of my ITR12 Tax Return?
Posted 3 August 2014
What is IT3b? And what other documents are needed from me so that I can submit my returns?
Do I have to pay tax on medical aid contribution paid by my employer from whom I retired?
Posted 31 July 2014
I am retired but my previous employer still pays a part of my medical aid contribution on my behalf. Do I need to get an IRP5 from the employer even though I am not on their payroll any more or is this income exempt from tax?
How to do a tax return when you have resigned?
Posted 31 July 2014
I resigned last year October (2013). I would just like to find out for which year I should file. I have received pension funds as well. Am not sure how to do my return in this case as I don't have an IRP5. Would you be able to assist me. Thank You.
What qualifies as a PBO donation?
Posted 30 July 2014
Hi Tim,I have file my tax return for the 2011 and claim for donation on the code 4011 for the amount of R13500.00 to church of my choice for the faith of goodwill. All payments have been made in cash payments for that tax year of 2011. To my question is SARS selected me for auditing and I have provided them all documents like my medical aid certificates, RA Old Mutual ITC and my IRP5 certificate for 2011. Do I still need to provide the proof for that donation of the above amount and do I need to...
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What documents do I need?
Posted 29 July 2014
What documents do I need copies of to do my tax?
tax tables for PAYE for 2006
Posted 28 July 2014
SARS has required that I complete PAYE recons and IRP5's on e filing for 2006 tax year. Where can I get tax tables for PAYE for 2006 tax year which show PAYE and site split
RA contributions?
Posted 21 July 2014
I made contributions to RA's totaling R36 237. My saved eFiling report reflects this amount but the calculated summary reflects an amount of R23 182. Why is this?
Retirement funding?
Posted 20 July 2014
What figure goes into source code 4006? If my company makes contributions to a provident fund on my behalf, do I only enter the additional amount that I contribute to RA's?
Medical Aid claim on ITR12?
Posted 19 July 2014
I was retrenched in Dec and kept my medical aid, can I claim my premiums also with my medical expenses?
Can I add income protection premiums from 2 financial institutions together for code 4018?
Posted 17 July 2014
My place of work gives us an income protection policy. On SARS eFiling this is reflected under code 3808 however I have to manually enter it under code 4018. I also privately have an income protection policy from a different financial institution. Do I just add my contributions together and fill it in at 4018? Will SARS allow that or is there a limit in the amount that can be deducted?
Deductions on Life Cover for tax purposes?
Posted 17 July 2014
Can you claim tax deductions on contributions to Life Cover? Or can you only claim deductions for income protector and RA contributions?
How much interest earned is tax free 2014-2014 tax year?
Posted 15 July 2014
How much interest earned is tax free 2014 -2105 tax year?
How much interest received is tax free if over 65?
Posted 15 July 2014
How much interest received is tax free if over 65?
Do I pay tax on my pension savings that were transferred to a preservation fund when I resigned?
Posted 14 July 2014
I resigned from my job late last year. Upon resignation, I transferred my pension fund savings into a preservation fund with the same company that held my pension fund. My tax return shows the entire amount of my pension fund as income under source code 3920 - Lump Sum Benefit. Why is this declared as income when I have not received the money? Does this mean I will be taxed on my preservation of my pension fund savings?
Do I calculate tax after deducting employees UIF, provident funds, allowances?
Posted 10 July 2014
Do I calculate tax after I have debited UIF, Pension Fund and transport allowance or I calculate it before anything is debited?
Retirement & Provident Withdrawal Tax Refund
Posted 10 July 2014
Good day, on the 25 January 2014 I changed employment and had a withdrawal from my previous employees Retirement and Provident funds of approximately R57200.00 each and I only got approx R42000 deposited in my bank on each. I was taxed on both payouts but does not seem like I am getting a refund on them. On my ITR12 I can see the one payout from Liberty (R57200.00 on source code 3920) but not the other and my issue is that my total rebate is only R 74.00. I really dont think this seems right?
Transfer from one retirement annuity fund to another - how to handle on efiling?
Posted 10 July 2014
During the 2013/2014 tax year I moved a retirement annuity from one fund to another. As part of this process the accumulated value in the "old" RA was paid over as a lump sum into the "new" RA.
As a result, the "old" fund issued me with an IT3a for the lump sum payout. This IT3a used code 3920 for the lump sum payout, with an additional code 4 indicating it is a tax exempt lump sum payment (there is also a tax directive number on the IT3a).
How do I handle this on eFiling when completing my income tax return?...
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Where to I add IT3b and 3c information on ITR12?
Posted 9 July 2014
My mother is 74 years and does not work nor contribute to an annuity. She receives interest at Investec, Finbond, Absa Moneymarket and Satrix. She received only IT3b and 3c's. No IRP5 or IT3a. Father passed away January 2014 and she only received pension since March 2014. Incurred medical expenses. Where do I ad the IT3b and 3c information on ITR12?
What is tax deductible?
Posted 8 July 2014
I am being retrenched 31 July, I will then pay my study fees in full. My question is eFiling be able to claim from SARS while I am studying and not working?
Groupscheme cash payout included on tax return and supported by tool
Posted 8 July 2014
I belonged to a group scheme with my previous employer. I resigned mid last year. I requested the group scheme to pay out in cash subject to tax in order to use the amount to fund a business opportunity. This means tax was correctly calculated and paid to SARS when it paid out. I am working for a new employer in the mean time as a permanent employee. Should I also add the group scheme pay out on my tax return and will your tool assist me in completing the tax return correct?
Salary below threshold and claiming deductions when calculating income tax?
Posted 8 July 2014
HMy salary for the 2014 tax year is below the threshold. I have a retirement annuity fund and medical aid.
Will SARS take my allowable deductions into account when calculating tax payable/refund? Or am I not allowed to claim these deduction?
Tax calculation on R850 000
Posted 7 July 2014
How much tax will I pay on R850 000 say if I resign end of this year
I was dismissed and my pension is around R26 000, so after tax how much will I get?
Posted 3 July 2014
How much will I keep after being taxed R26 000 of my pension?
Can I get an IRP5 for state pension?
Posted 3 July 2014
Can you please advise me regarding the following:
My Mother-in-law is a SASSA Old Age Grant recipient, she also earns a very small pension from her late husband's pension fund. Her medical expenses uses up almost half of her income. Can she obtain a IRP5 for her state pension as well as the other small income and then submit a ITR12 form through eFiling? If so, where can she obtain a IRP5 for her SASSA grant?
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