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TaxTim says: 29 January 2013 at 20:38 You are allowed to carry forward R1 800 of RA deductions from previous years that were not allowed. RA deductions are calculated at the greater of 15% or R1 750 of Non-Retirement-Funding-Employment-Income. So any amounts not allowed will just be carried forward each year until used up. |
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Zane says: 30 January 2013 at 8:14 Thanks for the response. I know about the 15% rule and the allowable R1800 that can be used from the previous year. On my assessment statement, they refer to the above-mentioned amounts, but I don't know specifically how the brought forward or carried forward amounts are determined? |
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TaxTim says: 30 January 2013 at 16:29 If for instance you were limited to an amount of R15 000 as a RA deduction in the previous year, but in fact you spent R20 000 in contributions then remaining R5000 would be carried forward to the current year of which R1800 can be used if you have not used up your limit in the current year, this will continue on year by year until the amount gets used up. |
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Zane says: 30 January 2013 at 16:42 Thanks very much for your feedback, this is more or less how I understood it. The way I understand it though doesn't help me understand how SARS calculates it. They have figures that I cannot make any sense of, no matter what I try and look at in my past tax forms and allowable deductions. It is purely the CURRENT YEAR figures I cannot make sense of, all the rest I understand. Unfortunately, I need to make an accurate calculation of my allowable deductions based on my GNRFI figure (which is an enigma in itself, since my own company doesn't even have a clue how they calculate this figure!). It could mean I am thousands out on my tax payments. Thanks so much for your assistance, I will have to dig further on the subject. Best regards |
