Capital Gains in 2016/17 - is it part of Taxable Income for RA calculation?

  Written by Nicci   Posted 26 February 2016

Next year will Capital Gains taxable portion be part of Taxable Income for Retirement Annuity contribution (i.e 27,5% calculation)?

Disclosing interest on the IRP6

  Written by Marc   Posted 26 February 2016

If a taxpayer earns 130,000 interest in the year, does he disclose the entire amount in the taxable income section of the IRP6 or just the portion of the interest income that is taxable. I,e 130,000 less R34500 exempt portoin. I see the form only deducts the primary rebate.

Business runs at a loss - do I need to submit provisional tax return?

  Written by Nicci   Posted 25 February 2016

Another question - what if the business has run at a loss? It's a medical practice, and turns out many of my claims will only be processed in March 2016 i.e Next tax year. That means my total income for the business so far has been R30 000, with expenses totalling R50 000. Surely I don't have to submit a provisional tax return?

Provisional Tax Form - where to reflect Employees Tax

  Written by Nicci   Posted 25 February 2016

I receive a monthly amount from an Annuity Policy - this is taxed at source. Where in the Provisional Tax Form do I enter the tax paid? I see that previously my accountant entered the tax portion under: LESS: EMPLOYEES TAX PAID FOR THIS PERIOD. I do not see this option in the Provisional Tax Form. Could you please indicate where I find this?

Tax deduction on provident fund

  Written by Nicci   Posted 25 February 2016

What will my payout be on the following for my provident fund when I resign. I am not retirement age yet ( 52 years old ). On resignation from the SATU provident fund you are taxed on the full employer share and interest earned on the member share. (not on the member contributions)
My member contributions amounted to R170,585. 44. My current statement shows member and Employer share:

Member share Employer share Total share
R706,779. 50 R689,136....

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% take from tax

  Written by Marc   Posted 25 February 2016

Im getting divorce, and claim 50% of my husband pension, it is in a provident fund, how much did SARS take from R140 000, please?

Is interest income taxable?

  Written by Nicci   Posted 25 February 2016



I have a money market account. Is the interest taxable?

Tax on retirement lump sum

  Written by Nicci   Posted 25 February 2016

Why deduct R130,000 36 % on retirement savings that exceed R1,050,000?

Tax on retrenchment and pension

  Written by Nicci   Posted 24 February 2016

I have worked for a company for 10 years. I have never been retrenched before and my company pension fund is worth around R780K. I have been retrenched due to my division being closed. I have been offered a retrenchment package of R180K cash. How will this R180K be taxed and how will my pension be taxed if I withdraw it or if I move it?

Tax payable on sale of shares

  Written by Nicci   Posted 23 February 2016

I am a pensioner 71 years of age. If I sell shares in a company to the value of R33,000.00 and my annual income is R120,000 what % tax would I have to pay on the R33,000?

Tax on resignation from Provident Fund

  Written by Nicci   Posted 23 February 2016

What tax will be due on an amount of R138 500.00 when I resign from a Provident Fund?

Exempt amount of interest

  Written by Nicci   Posted 23 February 2016

What is the Interest exempt amount for year ended Feb 2016.

Pension money deduction

  Written by Nicci   Posted 23 February 2016

Wat will be my tax deductions on my pension money estimated at R2 989 747,00

Donation tax between spouses

  Written by Marc   Posted 23 February 2016

I receive a government pension, interest from investment and income from consultation work. My total income put me in the maximum bracket of the tax tables. My wife receive rental income of less than R10000 a month and pays very little income tax. I am 64 and my wife 60. May I donate an amount of my investment money to my wife (which she will invest). What is the maximum amount that I may donate to her, do I pay tax on the donation and must I declare the donation to SARS? (I struggle with the in...

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Tax Reference Number from overseas.

  Written by Marc   Posted 23 February 2016

Hi there,
My name is Daryl Fortuin and I'm living in New Zealand for the last 11years.. I've applied for my pension fund in South Africa through The Building Industry Bargaining Council and have been in contact with them. They sent me all the required documentation to apply, but they are looking for a tax reference number, can please assist me.

Tax on lump sum

  Written by Nicci   Posted 22 February 2016

I have resigned from a government institution and my pension contributions were R840 000 at the time of resignaion. How much will I be taxed on my lump sum?

Tax on Foreign Pension

  Written by Nicci   Posted 22 February 2016

Hello Tim, I am working outside of South Africa and for a US based company. I am more than half the year outside SA and one stint is more tham 60 Days. I have money in france which was part of a pension/savings plan from my previous employer. I paid 6 percent and they paid 6 percent each month. I want to bring this money back into SA, what do I have to declare? As all of this money were part of my salary that was invested while working abroad. All of it was invested in stocks.

Is my previous company suppose to apply for a tax directive on retrenchment?

  Written by Nicci   Posted 19 February 2016

I was retrenched last year July (2015) Once I had received my notice and my retrenchment package I noticed that they had taxed me on my retrenchment package. I asked the Payroll/HR department if they had applied for a tax directive to which they replied that it was not necessary. I told them that as far as my understanding went it was necessary to determine how much tax I should pay if any.

Non retirement funding income

  Written by Nicci   Posted 19 February 2016

If I earn more that R30 000 from non retirement funding income, do I have to register for provisional tax?

If e.g. an amount of R1.2m is withdrawn from pension is the R203400 added to the last tax portion?

  Written by Marc   Posted 19 February 2016

What does R203 400 36% mean in the pension withdrawal tax table?

What is the % of tax deductable from a pension payout due to divorce

  Written by Marc   Posted 18 February 2016

I am getting divorced and am expecting a lump sum pay out from my ex husband's pension plan, the total amount is R315190. 92( I will be receiving half of it), please advise how much I would be receiving back giving tax deductions.

SARS Retirement Fund Lump Sum Tax Calculator

  Written by Nicci   Posted 17 February 2016

Your SARS Retirement Fund Lump Sum Tax Calculator says that I need to pay NO tax on my retirement fund withdrawal. I think it might be broken.

Do I need to tick box on tax return for IRP5/IT3A for foreign pension received?

  Written by Nicci   Posted 16 February 2016

Hi there, was filing my tax return and got selected for verification. I think that it might be as a result of ticking the wrong boxes though - I receive a pension from overseas and interest on my Standard Bank account but I did tick the box for the IRP5/ IT3A saying that I got one such certificate. I then filled in the interest amount under Local Interest and noted the foreign pension under not taxable. Am I right in assuming that I should, in future not mark the IRP5/ IT3A box? (I always though...

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Will SARS pay me a refund based on my retirement annuity if I am declaring no income?

  Written by Marc   Posted 16 February 2016

If you are working overseas and are declaring a NIL tax return due to the income being exempt can I still claim a deduction on my retirement annuity?

How much tax on provident fund withdrawal?

  Written by Nicci   Posted 15 February 2016

I have been working in the mining industry for the past 8 years and I am about to be retrenched. I currently have R769 837 in provident fund. I intend to cash that money and pay off my bond. Please, tell me how much am I going to receive after all the tax has been taken.
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