Maximum tax deductible contribution towards a RA

  Written by Alicia   Posted 25 May 2016

I am trying to work out the maximum tax deductible contribution to a Retirement Annuity. Person earns R1 000 000 of which 75% is pensionable. Total contributions to pension fund is 13%. He made a capital gain of selling shares at R150 000, received rental income of R180 000 with R50 000 deductible expenses. I'm confused on how to work out this question. It states that max deduction for a RA is 15% of non-pensionable income. I get R250 000 R150 000 R130 000 = R530 000 x 15% = R79 500. However...

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Return completion?

  Written by Alicia   Posted 24 May 2016

What are this code for 3696, 3697 & 3698?
where should we put the amount from certificate for income tax purposes from SANLAM?

Donations from abroad

  Written by Alicia   Posted 23 May 2016

I am a south African working and living abroad. I would like to transfer some money to my retired parents. Will they pay tax on the money I transfer to them?

What is tax rate on pension payout?

  Written by Alicia   Posted 22 May 2016

My provident fund payout was taxed at 18%, but my pension fund payout was taxed at 26. 91%. Is this correct? I resigned from my previous job on 01 May 2016. I received payouts before.

Tax on inheritance received by an individual

  Written by Alicia   Posted 22 May 2016

I have recently inherited a sum of money from two sources. One, my late mother's estate account via a will and the other, a pension claim from my late mother's pension fund(GEPF). Both these amounts were taxed before they were paid over to me. Both the executors and GEPF submitted tax directives to SARS in order to facilitate the tax payment process before making payment to me. My salary income falls within the necessary category in order to be required to submit a tax return. How will I be taxe...

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How to complete the IRP3(a)

  Written by Alicia   Posted 20 May 2016

In terms of the IRP3(a), how does one do the manual calculations of the taxation that should be deducted if ''other''(X) is ticked under the directive reason, as there are calculations available for the retirement and severance benefits.

Is my income taxable if I only spend on average 3 months in a year in SA

  Written by Alicia   Posted 19 May 2016

I am almost 70 years old and receive four pensions from the Government Employers Pension Fund (GEPF). The pensions form 98% of my income, the other 2% is derived from annuities. I have two children, one lives is Australia and is an Australian citizen and the other lives in London and is a British Citizen. I spend most of my time visiting my children for six months periods and only spend about 3 months of a year in South Africa. Am I liable to pay personal income tax in these circumstances. I hav...

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Tax implication on provident lump sum fund benefit

  Written by Alicia   Posted 19 May 2016

I've been unemployed for the past six years. My tax number with SARS has been deregistered. Insurance company requested an IRP3 directive on my behalf from SARS. This was declined as I needed to re-activate my tax number. I'm awaiting for re-activation of my tax number. Presently I'm unemployed, will I be taxed and how much?

How do i submit a nil return on E-filing?

  Written by Alicia   Posted 19 May 2016

You used to help with my tax return before I retired in June 2013. I cannot remember my password, and my e-mail address has changed. Please advise: I did not realise I had to submit a "nil" tax return from 2014 to date - my income has been way below the R105 000 taxable amount per year.

Pension fund tax for divorce settlement

  Written by Alicia   Posted 17 May 2016

What is the percentage tax paid on a pension fund in the event of a divorce?

Tax payable on retirement compared to resignation

  Written by Alicia   Posted 17 May 2016

Do u pay more tax if u resign from your work?or is it the same as with reaching pension date.

Can you help me calculate the tax on my pension lump sum?

  Written by Alicia   Posted 16 May 2016

I'm getting a pension payment of R230 156 ,08 how much tax can I expect to pay?

Severence package tax free amount

  Written by Nicci   Posted 13 May 2016

I have received a severance package in the 2012 tax year. Were the tax tables in existence then and would I have gotten the R 500 000 tax free amount already.

Do I get taxed cancelling an Retirement Annuity when living abroad.

  Written by Alicia   Posted 13 May 2016

I have emigrated to the UK and want to cancel my retirement annuity fund because of it. As I now live overseas, will I still be taxed?

International transfers and disability income taxed in the UK

  Written by Nicci   Posted 12 May 2016

I am living abroad and get a disability income from Discovery Life every month paid into my South African account. If I want to transfer the money over a UK bank account, how do I do it? Also, are there tax implications in the UK then as well as South Africa when bringing it in?

Non-Pensionable income

  Written by Nicci   Posted 12 May 2016

May you please advise what is a non-pensionable allowance and how does it work.

Tax implications of UIF benefits

  Written by Nicci   Posted 12 May 2016

I retired at age 65 during the course of the 2016 tax year. I claimed UIF retirement benefits which I received monthly (part in 2016 tax year and part in 2017 tax year). Will this UIF retirement benefit impact on my annual taxable income? Will I be receiving an IRP5 or IT3a from the UIF?

Tax on divorce settlement

  Written by Nicci   Posted 12 May 2016

I would just like to know if I will be taxed on my divorce settlement?

Can I claim for medical expenses?

  Written by Alicia   Posted 10 May 2016

Went on early pension at age 55 December 2014 after working for 27 years at the Goverment. Receive every month a pension amount. Can I still claim medical costs paid by me.

Tax on British Widow's Pension

  Written by Nicci   Posted 9 May 2016

I was recently widowed - my late husband was a British Citizen but residing in South Africa. The British Pension is now paying me a Widow's Pension. Do I need to declare this to SARS?

Can I claim back the tax paid on my late mother's retirement fund?

  Written by Nicci   Posted 9 May 2016

After my death claim on my mothers provident & pension fund, is the tax paid claimable?

SA pension taxed in Mauritius

  Written by Nicci   Posted 6 May 2016

According to the SARS website if you are a resident of Mauritius you can apply for a directive to have your income from a South African pension to be taxed in Mauritius provided you supply proof of being a registered tax payer in Mauritius (part of the DTA agreement). Please can you confirm this as the difference in tax rates between the 2 countries is huge.

Tax on provident retirement fund

  Written by Alicia   Posted 4 May 2016

I am emigrating to Australia in August 2016,my provident pay out would be R180000.00 what would the tax payable be and is there any part of this amount which is tax free.

Tax due on ccma award

  Written by Alicia   Posted 4 May 2016

Hi there I am due to receive R97000 from my ex employer for unfair dismissal was awarded from the CCMA how much tax would one pay on this amount thank you in advance.

Taxation Rate of Retirement Benefit Lump Sum

  Written by Alicia   Posted 4 May 2016

At the age of 58 - if I retire from a provident preservation fund and receive the benefit as a lump sum - at what rate will I be taxed?
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