Contract worker and Tax

  Written by Nicci   Posted 22 May 2020

I was retrenched at the end of 2017. My last Tax Return was done in the year 2018. Since April 2019 I have been receiving income for work done on a contract basis and the company indicated that I need to see to my own tax affairs. How do I go about filing my tax return for 2020? Your assistance is highly appreciated.

IRP5s and companies paying RA for employees

  Written by Nicci   Posted 7 May 2020

If a company is paying into a Retirement Annuity (RA) for employees when preparing an IRP5, using source code 3828 as income, would we then need to use source code 4006 for the same amount? In other words, source code 3828 for the amount paid by company on behalf of employee (this amount will be added to the income total) and code 4475 for the same amount. If an employee has not contributed anything code 4006 will be 0, but will still have to appear on the IRP5?

Provisional Tax and Annuity Income

  Written by Nicci   Posted 2 April 2020

At the start of the 2021 tax year I will be earning a monthly income from my living annuity [LA], however as I understand from the provider of the LA, that tax will be deducted by them before I receive the monthly amount. I am registered as a provisional taxpayer and will be earning additional income on top of the LA income. So, I therefore assume that I can continue being a provisional taxpayer and declare the additional income only in the IRP6, or would I have to declare both incomes and then ...

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Foreign income with online forex trading

  Written by Nicci   Posted 24 October 2019

How one would declare Income/Loss that is derived from online forex trading. The trading account is in USD so I assume foreign income.

1. Where would one declare this income/loss with TaxTim/eFiling tax return under foreign income?
2. Is it necessary to declare if only a loss was made?
3. Can withdrawal fees/currency exchange and bank fees be deducted from overall profit.
4. What documentation would SARS require? The only documentation that can be acquired from the trading platform is trading history showing profit/loss but no tax certificates. ...

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Tax on living annuity

  Written by Nicci   Posted 5 September 2019

What type of a taxpayer am I if I receive a living annuity and I am 42 years old? My monthly living annuity income is just over R10000, I also receive money from my children's investments which ranges between R1000 and R8000.

Claiming retirement

  Written by Nicci   Posted 25 July 2019

I am confused and I need some clarity regarding money I am contributing into a pension fund. I am making monthly contributions into someone else%u2019s pension fund. I was wondering whether I can deduct my contributions from my income for tax purposes. Can I claim these contributions back? I am not certain whether this is doable and would appreciate your help.

Earnings of a teacher and tax

  Written by Nicci   Posted 5 June 2019

I would like to find out if I should submit a tax return as a teacher that earns R300 000 per annum. Would this be required of me?

Two incomes and tax calculations

  Written by Nicci   Posted 20 May 2019

I am 51 years old and I receive a monthly taxable salary and a monthly pension. How do I calculate my tax on both incomes?

Difference between provident fund and retirement annuity?

  Written by Nicci   Posted 18 July 2017

There is no code 4006 on my IRP5, but I pay into a provident fund via my employer. There is an amount with code 4003/4473 (the same amount). Do I need to enter this amount anywhere?

This query relates to question 6806 "Do you have a %nextpass% Retirement Annuity Fund that you want to enter?" in the Retirement Annuity section.

RAF

  Written by Nicci   Posted 18 July 2017

Kindly advice me on tax deductions regarding RAF maximum amount that ca be
deducted.

If a person is on Salary range of 280 000 to 300 000 p.a.

The employer and contribute each 7.5 % of the basic salary p.a to pension


The employee currently contribute R405 per month towards retirement
annuity fund per month

The question is how much can be deducted or get refunded from SARS annual
or how much can contributed to RAF to ensure that he/ she is not paying too...

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Outstanding certificates

  Written by Nicci   Posted 14 July 2017

I have not yet received a certificate for my personal Retirement Annuity?

This query relates to question 6803 "Please enter the name of the Fund. You will find this on the Tax Certificate received from your fund. " in the Retirement section.

Financial instruments

  Written by Alicia   Posted 13 July 2017

I am busy correcting my tax returns but have a query on financial instruments listed. Does my retirement annuity(s) value also need to be submitted as part of this value at the value it was on the 28th of February? The same questions goes for my TFSA which consists of stocks?

I received two assessments from SARS

  Written by Alicia   Posted 11 July 2017

I submitted my tax return and received a refund outcome, I later received another assessment with a different refund amount, can you explain this to me please?

Is RA and pension the same?

  Written by Alicia   Posted 11 July 2017

I'm not sure how the deductions for my pension works as my employer has been deducting pension from my salary under code 4001. Do I still enter any amounts under annuity contributions?

Medical Aid Expenses for previous tax years

  Written by Alicia   Posted 6 July 2017

I was retrenched April 2014 but continued paying for my medical aid in my
personal capacity. I only claimed for out of pocket medical expenses and
not what I paid in my private capacity. I'm not sure If I could claim for
that and if I can now with 2017 submission claim for 2014 / 2015 medical
expenses.

When you pay an RA directly

  Written by Alicia   Posted 4 July 2017

I personally paid money into a retirement annuity fund, and not via my employer - where do put this in my tax return please?

Employed on Contract Basis (PAYE)

  Written by Nicci   Posted 1 June 2017

I've gone from working for an employer to freelancing and now I'm working on
a contract basis. I'm not taxed on my contract income. All I do is send an invoice and they pay me and deduct nothing off that. I'd like to still pay SARS the PAYE, is that possible? (I have my own retirement fund).

Severance benefits and estate duty

  Written by Nicci   Posted 25 May 2017

Do severance benefits received from an employer at death, form part of property or deemed property in your estate for Estate Duty purposes?

Pension fund with half paid up taxes

  Written by Nicci   Posted 19 April 2017

Can I get my pension fund if I have payed up half of my taxes

Maintenance claims on pension fund

  Written by Nicci   Posted 19 April 2017

Will monthly maintenance claims by ex-spouse as per a successfully lodged divorce order against my pension fund be taxable in the hands of my ex-spouse, or deemed as income for myself? Will it be treated as exempt from normal tax?

Waiting period for retirement from GEPF?

  Written by Nicci   Posted 18 April 2017

How long does a retirement file from GEPF take in SARS for a pay out date? I took my retirement claim at GEPF and completed all forms they gave me but I have waited so long with no reply.

Minimizing tax liability

  Written by Nicci   Posted 13 April 2017

At the end of the current tax year my taxable income will exceed R1.5 million largely due to income from an employee share option scheme. My income comprises salary only. And from the normal statutory deductions I contribute to a retirement fund and retirement annuity. Apart from maximizing my contribution to retirement funds, how else could I reduce my tax liability?

CGT on primary residence (if it has been let out - also my only residence)

  Written by Evan   Posted 4 April 2017

What CGT would I be liable for if my primary residence is my only residence - but rented out?

Tax implication on Voluntary Severance Package

  Written by Nicci   Posted 4 April 2017

What will my tax be on my pension R776000.00 and what will my tax be on my voluntary severance package R342000.00

Tax on a deceased's Retirement Annuity

  Written by Nicci   Posted 28 March 2017

I received money from my late dad's Retirement Annuity and I was taxed on this. Does that
matter at all?
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