Is tax payable on a fund that was liquidated?

Posted 19 May 2014

Our company was liquidated and we are now after almost two years we will receive our provident fund.
pay outs. Do we have to pay tax on it or is it tax free?

Will you be paid if you have investments and retirement annuities?

Posted 15 May 2014

Is it true that if you have investments and retirement annuity you will be paid on your tax returns?

Does the tax threshold change when you quit your job and begin your own small business from home?

Posted 14 May 2014

Dear Tim,What happens to the tax threshold for when one is obligated to pay tax (R63k) when you work for a company for the first few months of the financial year and then you quit to start your own venture from home. Does the threshold change? Since I am working for myself my expenses will change as now I will incure the cost of running my business from home and will have to set aside money for my medical aid, retirement fund etc. as this will no longer be paid by my employer.

Provident fund withdrawal tax implications (retrenchment)?

Posted 12 May 2014

I'd appreciate if you could confirm that a provident fund withdrawal is tax free (up to 315k?) if one gets retrenched?

How much tax on R255 904.30?

Posted 8 May 2014

I am about to get a lump sum payment from my department! How would I know what tax will be deducted if the total amount to be paid is R255 904.30?

What is the meaning of tax directive i.r.o pension payment?

Posted 6 May 2014

What does: "Dear GEPF member. SARS issued a tax directive i.r.o your pension payment. Payment will be effected within 5 working days. GEPF queries 0800117669 that mean?"

I am retrenched, how I can save money from my retrenchment package - provident fun?

Posted 2 May 2014

I am retrenched, how much of my severance package and provident fund will be taxed? I want to learn the basics of income tax as a freelance writer, what will be expected of me to be legal taxwise. What is an income tax return, when working part-time as a freelance writer in South Africa?

Are there any normal tax and/or capital gains tax implications on a refundable rental deposit?

Posted 29 April 2014

Are there any normal tax and/or capital gains tax implications on a refundable rental deposit?

Tax payable when resigning from the GEPF during 2014?

Posted 21 April 2014

How much tax will be payable on a amount of R2 500 000 when resigning from the GEPF at the end of May 2014.

Pension Fund vs RA

Posted 9 April 2014

I am currently at a company where they contribute and I contribute to a pension fund. Another company has a structure where they don't have any RA or pension scheme. If I were to take out an RA at the second company how will this affect my tax?

Refund on provident funds?

Posted 9 April 2014

Do I get tax back on my provident fund payout?

Income tax legislation?

Posted 9 April 2014

I need to know income tax legislation and criteria for deductible income tax.

Won't I be penalised if I did not submit last year cos I did not have a medical aid?

Posted 3 April 2014

I receive my IRP5 every year, I never submitted them to receiver because all along I did not have a medical aid or a retirement annuity. Last year in September I then joined the Government medical aid and it was also stated in some articles that if you don't have one of the mentioned and earning below 250 000 per annum there was no reason to submit. This year I will do my submission since I have a medical aid.

My question is won't I be penalized for not submitting last year due to th...

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Will I pay SA tax on my UK pension and lump sum from deferred pension received in SA?

Posted 1 April 2014

I have lived in SA for 40 years and have just started receiving the portion of the UK pension that I am entitled to, will I have to pay SA tax on that. Also, because of my deferred pension and the choice of lump sum or extra pension, if I choose the lump sum and have it sent here will I have to pay SA tax, I can tell you the amount of the lump sum if you need to know it.

do I need tax nr for pension fund

Posted 31 March 2014

I worked for 7 years for a company. And use to pay into a provident fund. My salary was R2700. I left the company for better pay. But I need my provident fund to pay out my money. Now they tell me I need to go to SARS for a tax number before they will complete my forms. I never payed tax because I earned so little. Please help me what shall I do.

Do I get tax back on my provident fund withdrawal?

Posted 26 March 2014

Hi I received provident fund amount last year early in July and I would like to know if I can claim back any of the tax paid.

Tax reliefstructure salary for tax purposes?

Posted 25 March 2014

I pay medical aid for myself and 2 dependents

What deduction can I take monthly from my salary in this regards

The medical aid payment if R7000 a month as one of the dependents is over 21

What other benefitdeductions can I make on my salary to save tax ??

Residents based tax - how does it work in SA?

Posted 22 March 2014

Hi Tim. I am currently a South Africa provisional taxpayer but will be leaving SA to work for a US based company for the next 5 years . I will be leaving on the 30 June 2014 but will receive a pension payment commencing 1 July 2014 from my current employer for the next 5 years payable in South Africa . I will also receive a bonus in December 2014.

I will be out of the country for more than the 183 days as well as the 60 day consecutive period . My question is as follows :

1. Is the monthly pension taxable...

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Tax on Voluntary Severance Pay?

Posted 19 March 2014

How is an employer suppose to handle a voluntary severance payout? What options must be chosen on application for tax directive. Does this falls under "Gratuities paid by an employer in respect of retirement, retrenchment or death" and will I be taxed accordingly?

Income tax on R120000 pension fund payout

Posted 18 March 2014

I resigned from my previous company and requested that my pension fund pays out. the amount due to me is R120 000. how much income tax will I pay on this amount.

Medical aid contributions and subsidies for over 65 years. how are these treated in 2015 year?

Posted 16 March 2014

76 year olds. medical aid contributions deductable? and medical aid subsidies taxable? 2015 tax year.

What can I claim for medical expenses under new system?

Posted 14 March 2014

Under the previous system pensioners could claim all expenses. Now my expenses come to R110 000 this year. Am married and would like to know under under new system what would I be able to claim. I am 80 years old

Can we combine our three taxpayers, i.e. my own, my wife and our family trust?

Posted 13 March 2014

I am a Sassa pensioner and also a property valuer working for my own account from time to time for agreed upon fees. My wife, to which I am married out of comm. of property, helps me with the travelling by driving me around in her vehicles. We pay for the fuel and services from my bank account as well as from hers and she pays for the insurance. Our accommodation and food on the road is a big expenditure. At home, which is owned by our children, we uses an office and pay rent for it. We also hav...

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tTax on R15 000 and medical aid deduction and pension fund deduction

Posted 9 March 2014

Hi, what would my tax be if I earn R15 000 a month, and have pension fund deduction of R700 and and medical aid of R1 500.

Can CGT be deferred in this instance?

Posted 27 February 2014

As a pensioner I have sold 2 flats that were getting too difficult to manage long distance. I have re-invested the proceeds in ETFs. Both these instruments were/are meant to be sources of retirement income. Do I have to pay CGT or can it be deferred until I draw from my ETFs?
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