Over-taxed on pre-retirement preservation fund withdrawal

  Written by Nicci   Posted 4 May 2016

I started working in Jan 2012 for company. In Dec 2014 I was retrenched and paid a severance package. I preserved my provident fund contributions in a preservation fund and haven't touched it since(about R100k). I started working for company Y in Apr 2015 and ended my employment with them on 31 Jan 2016. I again preserved my pension fund contributions in a pension preservation fund (about R35k). In March 2016 I ran into some financial trouble and decided to withdraw the entire pension preservati...

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How much will my tax refund be?

  Written by Alicia   Posted 3 May 2016

Joe turned 65 in June 2015. He earned R240 000. 00 during tax year, and there was no other deductions from salary. He contributed R6 000. 00 during the year to private medical aid. And R30 000. 00 of other medical expenses. What is the amount he can claim on his tax return.?

Tax on initial lump sum payment upon early retirement

  Written by Nicci   Posted 2 May 2016

How much of R220 000. 00 is paid as lump sum on retirement at the age of 55?
Is the lump sum tax deductable?

deductions on salary increase

  Written by Alicia   Posted 29 April 2016

My company would like to offer me an increase. I have the choice of a straight bump-up or I can choose if there are specific benefits I would like that will have a benefit for me (additional money in pocket) and that will be beneficial for them (perhaps less tax they need to pay). I earn a straight salary without any travel allowance or any other benefits that is deducted. Please advise on what would be the best for me and for them?

PAYE on retrenchment package

  Written by Alicia   Posted 28 April 2016

Which percentage l am getting a package of gross 79383.61 rand after retrenched please help me.

No IRP5 due to retrenchment

  Written by Alicia   Posted 26 April 2016

We got retrenched in Sept 2015 after not being paid two months salaries. Employer claimed liquidation, but no details up to now. We do not have IRP5 because the sub-contracted audit/payroll company has not been paid for such service, and they are refusing to provide us with IRP5 due to non-payment by the employer that retrenched us. How do we go about solving this problem? We need IRP5 for the 2015/2016 tax season submission.

PAYE due on my salary

  Written by Alicia   Posted 22 April 2016

I'd just like to know if the correct amount of tax is being deducted from my salary monthly. My gross salary is R45900
My employer pays my full medical aid contribution of R7254
I contribute from my salary towards a provident fund, an amount of R2754

Could you please advise how much of tax I should be paying monthly?

Thank you

May a sole proprietor have travel allowance and must retirement or providend fund be deducted monthl

  Written by Alicia   Posted 21 April 2016

I would like to know if a sole proprietor may allocate a travel allowance to himself?

In regards to a retirement or provident fund may I do payment once a year up to 27. 5% of my earnings or must I do it monthly?

Your help will be greatly appreciated

WS

I would like to know how can I get my tax refund

  Written by Nicci   Posted 19 April 2016

I would like to know if it is possible that I can be able to get a tax refund after retrenchment.

What is the tax on provident fund withdrawal?

  Written by Nicci   Posted 18 April 2016

I applied for providend fund withdrawal of R66,000 on the 25th of Jan 2016. How much will I receive, after tax is being deducted?

Taxable amount on R1 950 000 pension lump sum

  Written by Alicia   Posted 15 April 2016

My pension when I resign is R1 950 000. How much tax I'm going to pay?

Individual tax registration for citizen abroad

  Written by Nicci   Posted 15 April 2016

I haven't officially emigrated but live in the UK and have subsequently discovered that I am not registered for tax in SA. This has implications for my my investments over there - is it possible as an individual to register as a tax payer without actually living in SA? It is my intention to register as a tax payer, announce that I am emigrating to obtain non-resident status allowing me to financially emigrate.

Tax on Lumpsum on resignation

  Written by Nicci   Posted 15 April 2016

How much will be my taxable amount with R1 950 000 when I resign

Retrenched,how much tax is due on my pension

  Written by Alicia   Posted 14 April 2016

I am getting rerenched, my pension is R 2800000.00 how much tax am I going to pay.

Maximum Tax deduction for retirement fund under new tax dispensation

  Written by Alicia   Posted 14 April 2016

I am a government employee contributing towards the GEPF. I and the employer make contributions based on my pensionable salary which is 70% of my total cost to company. I contribute 7. 5% and my employer contributes 13% of my pensionable salary. Under the new streamlined retirement savings dispensation, I want to know the per annum value of my remaining tax deductable allowance, should I choose to contribute towards a RA in addition to my current GEPF contributions.

What is the PAYE on my salary of R5,906?

  Written by Nicci   Posted 14 April 2016

My salary works out to R5,906. I contribute to a provident fund. What is my tax payable per month?

Taxation whilst working out of South Africa

  Written by Nicci   Posted 14 April 2016

Hi I will be working in Botswana from the 1st of June. I will be taxed in Botswana but will get paid into my South African bank account. I am a South African resident but will be living and working in Botswana. Would I be taxed in South Africa as well?
I am currently contributing to a RA in South Africa would I be able to continue doing this without being taxed on it?

Tax payable on retrenchment for person below age 55 years

  Written by Nicci   Posted 14 April 2016

I am below 55 years of age and am being retrenched. My Lumpsum is R519,000-00 what is my tax payable

Tax payable on Preservation Provident Fund before retirement

  Written by Alicia   Posted 12 April 2016

Hi. If I have a Preservation Provident Fund ( -R1 444 594) and wish to do a once-off withdrawal of R580 000. 00. What will my tax liability be?

Born 1963.

Where to reflect interest on Tax Free Savings account?

  Written by Nicci   Posted 11 April 2016

Must interest earned from a Tax Free Savings Account be included in one's non-taxable income that one submits to SARS?

Are retrenched employees taxed by SARS?

  Written by Nicci   Posted 11 April 2016

Will I be paid back my PAYE for the 2016 period, ending 29 February 2016 since I became retrenched in March 2016?

How is retirement fund lump sum withdrawal benefit calculated

  Written by Alicia   Posted 6 April 2016

How is lumpsum code 3920 calculated

Employee tax - earning R 6773.76 per month

  Written by Alicia   Posted 5 April 2016

I have recently employed 8 people, who each earn R5376 basic salary R 1397. 76 overtime allowance per month. When I enter these figures on the payroll system that I'm using, tax is calculated at R 94. 28.... I'm confused - Is this correct? I thought only people earning above R120 000 pa pay tax?

Submission of late Provisional Tax returns

  Written by Nicci   Posted 5 April 2016

I received rental income in 2016 tax year, but didn't pay provisional tax. On my ITA34 I am not registered for Provisional tax, but on my SOA, requested one day later, it states that I am registered for Provisional Tax. What are my options now in order to pay the minimal penalties/interest? Do I rather not submit the late IPR6 tax returns and only specify the rental income when I submit my next Income Tax Return?
Also, how does the fact that I am married in community of property influence ...

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If I have a voluntary RA of R1500 per month, what will my tax refund be

  Written by Alicia   Posted 5 April 2016

If I have a voluntary RA of R1500 per month, how much do I get back?
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