Apply RA tax deductible to provisional tax payment or get a refund after the final tax submission

  Written by Marc   Posted 15 February 2016

I am a provisional tax payer and contributing the maximum allowed deductible to an RA (15% of non-retirement funding income). I would like to know whether I can deduct this from the taxable income myself for the provisional tax payment, meaning I pay less to SARS now and do not get a refund later, or whether I should pay tax on the full income without deducting the RA deductible and then get a refund from SARS later on? If I have a choice, I would prefer not overpaying taxes to SARS and aim for ...

Read more →

Where to disclose SASSA income on tax return?

  Written by Nicci   Posted 15 February 2016

I receive a disability state pension from SASSA as well as another small monthly annuity. Do I have to put the SASSA income onto my tax return? And if so what documents do I need and where does it go on the form?

Client receives pension from GEPF at the age of 53 yrs. client resigned from work as a educator

  Written by Marc   Posted 11 February 2016

What tax is a person subjected to if he resigns from work and receives his pension prior to retirement age.

Tax on UK state pensions

  Written by Marc   Posted 10 February 2016

I am a permanent SA resident over 70 years old. I get a small UK state pension that is paid into a bank account in the UK where it accrues. Can I transfer an amount, say 2000 pounds sterling, to a bank account here without paying SA tax?

Pension/provident fund payout after retrenchment

  Written by Marc   Posted 10 February 2016

My husband was retrenched last year November 2015, he is still without a job and his pension/provident fund need to pay out, on you free SARS retirement fund lump sum tax calculator is shows that if you take the money after retirement/retrenchment/death you don't pay TAX on a amount under R500 000. 00, is that correct?

Calculate allowable deduction for pension fund contribution if total retirement fund is R103 500

  Written by Marc   Posted 9 February 2016

If the total retirement fund income on the IRP5 is R103 500. What will be the maximum allowable deduction for pension fund contribution

Percentage tax payable for 65yr old on dual monthly income

  Written by Marc   Posted 9 February 2016

I receive a gross monthly pension of R10637. 01 from Old Mutual and a gross salary of R15000 from my present employer. What Percentage tax should I be paying monthly on each of the amounts so I can have them changed from 01/03/2016. I am 65yrs old

Tax on resignation benefit

  Written by Marc   Posted 8 February 2016

How much is tax deducted on a resignation benefit of R1013000

R366 364.00 per annum TTC and my pension will be at 10 percent, what will my net be

  Written by Marc   Posted 5 February 2016

If a company offers me R366 364. 00 per annum TTC and my pension will be at 10 percent, what will my net salary be? No medical aid deductions applicable

Tax Free savings accounts for married couples who are both provisional tax payers

  Written by Marc   Posted 5 February 2016

Hi, My wife and I are married in community of property and are both provisional taxpayers. My wife does not work and I am retired. Our income comes from investments and for tax purposes such income is divided equally between us. My question is with regard to tax free savings accounts. In the circumstances which I have described, are each of us entitled to open tax free savings accounts?

What tax is payable a lump sum withdrawl on pesreve policy

  Written by Marc   Posted 2 February 2016

I have two preserve policies with liberty which have matured. I want to take the total out as a lump sum. What tax will I pay the values are R 452027 650610 ===R 1 102637

Can I claim for medical expenses if I have no income?

  Written by Marc   Posted 29 January 2016

I was retrenched last year at the end of January 2015. I have not worked since then but I have been paying medical aid privately. How do I claim (or can I claim) for all my medical expenses?

Am I eligible for 2nd one third tax free payment?

  Written by Nicci   Posted 29 January 2016

I was retrenched at age 54. One third tax free amount paid out to me. Started working again for another company after 4years. A contribution towards a provident fund was paid in by new company when I started work again after 4years. I am now 69 years of age and retire by end March 2016. Will I be entitled for another one third tax free payment?

Slitting income when married in community

  Written by Marc   Posted 29 January 2016

Can you please explain what amounts get slit 50/50 when a couple is married in community of property please? My husband is retired and I am the breadwinner. We receive rental and interest. Also what to do with the medical expenses, both membership & additional, in my name only?

Tax thresholds and married in community of property

  Written by Nicci   Posted 28 January 2016

I am a provisional tax payer 66 yrs of age & married in community of property my income is derived from an annuity & interest from fixed deposits, what is the maximum I can earn before I pay tax.

Tax on R1 000 000

  Written by Marc   Posted 28 January 2016

If I have 1000 000 rand and I retire now what is my tax percentage?

What is the final payout on R968876.30 after tax

  Written by Marc   Posted 26 January 2016

My accumulated pension fund is R968876. 30, if I resign how much will be my payout after tax.

Give me an example please R500 p/m x 30 years

  Written by Marc   Posted 26 January 2016

I have a retirement annuity with Momentum. I only pay R500 a month and want to know on the day I retire if 2/3 will have to be reinvested in a annuity (to pay me interest every month) or if there is a certain threshold whereby I get 100% out on the day I retire?

On SARS website the use the wording "annuity interest lumpsum" which tells me its on the "interest" part on where you might get something back.

Tax payable on unit trusts in us $ when converted to cash

  Written by Marc   Posted 26 January 2016

Tax payable on unit trusts in US $ WHEN CONVERTED to cash

Pension resignation benefit for tax purposes.

  Written by Marc   Posted 26 January 2016

If my resignation as a dept educator gives me a payout of R320000 as a pension resignation benefit how much tax would be deducted

How should I incorporate a charitable donation in my tax calculation?

  Written by Marc   Posted 26 January 2016

According to SARS, "Deductions in respect of donations to certain public benefit organisations are limited to 10% of taxable income (excluding retirement fund lump sums and severance benefits)". Assuming that my taxable income is R100,000, I can donate a maximum of R10,000 to a qualifying 'public benefit organisation'. In my tax calculation, should I deduct that R10,000 from my taxable income, or from the amount of tax that I owe? If I can deduct it from the amount of tax due to SARS, the latt...

Read more →

Pension resignation benefit

  Written by Marc   Posted 26 January 2016

If my resignation as a dept educator gives me a payout of R320000 as a pension resignation benefit how much tax would be deducted

Is SARS definition of 'taxable income' circular with respect to donations made?

  Written by Marc   Posted 26 January 2016

According to SARS, "Deductions in respect of donations to certain public benefit organisations are limited to 10% of taxable income (excluding retirement fund lump sums and severance benefits)". But taxable income is the difference between gross income and deductions, one of which is the amount donated. So the SARS definition is circular, and therefore impossible to calculate. Or am I missing something?

Rebates on 740000

  Written by Marc   Posted 25 January 2016

I have been taxed 740000 on pension lump sum. Will I get something when I claim tax this year?

Lump sum 2437667 , Homeloan520000 and250000. how much to keep?

  Written by Marc   Posted 25 January 2016

I have retired and lump sum is 2400000. I owe home loan of 520000 and loan from pension of 25 000. How much am I going to keep?
Older posts →← Newer posts    1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20  21