Can you be taxed more on your salary by employer?

  Written by Marc   Posted 25 January 2016

Can your employer tax you more on your salary, than what the tax calculator said?

Tax free donations

  Written by Marc   Posted 25 January 2016

25. 01. 2016. How much money can I donate annually to individuals without myself or the recipient(s) having to pay tax on it? I am a widowed pensioner.

Hw much will I pay for my tax

  Written by Marc   Posted 25 January 2016

I'm resigning as from February 2016 my contributions wit gepf is R300. 333 how much tax will I play

Tax on provident fund

  Written by Marc   Posted 22 January 2016

I am emigrating overseas what would the tax be on my provident fund of - R 200,000

Interest free loan from parents

  Written by Marc   Posted 21 January 2016

My parents are lending me R500k to assist in purchasing my first apartment. This is an interest free loan and we have a loan agreement that specifies that I have a set minimum amount that I have to pay on a monthly basis (therefore I would not deem this a donation). There is however no set period for the loan as I may be able to pay more than the minimum amount. The loan agreement has been vetted by a lawyer. My folks are over the age of 65 and the money will be deposited straight into the attor...

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What percentage will they tax her?

  Written by Marc   Posted 20 January 2016

Hi Tim me and my wife got divorced last year and she is going to get her 50% of my pension fund,she is 62 years old what percentage would they tax her on?

Provident fund withdrawal

  Written by Marc   Posted 20 January 2016

I'm currently planning on changing jobs my provident is currently 95000. What happens to my money with the new withdrawal laws? will I be able to cash out the full value

Is transferring of RA funds between RA's considered non-pensionable income

  Written by Marc   Posted 19 January 2016

I am considering changing the retirement annuity I currently contribute towards. If I ask the funds to be transferred from one to the other, would this amount be considered as non-pensionable income when I file my tax return. If so, am I therefore liable to pay tax on this amount even though it is being transferred from one RA to another directly without coming to my bank account directly.

Will I be required to take one third of my pension fund if I resign in June 2015. Turning55 in Sept

  Written by Marc   Posted 19 January 2016

I am on an pension fund and was planning to resign in June before I turn 55years in September 2016 so I could get all my pension fund and not get one third. With the new laws will I still be able to take all my contributions or I will be required to take one third only?

Percentage of resignition

  Written by Marc   Posted 19 January 2016

How much money will be deducted by SARS on resignation with 430000,00 for 10years 6months?

How can the tax directive be escalated?

  Written by Marc   Posted 19 January 2016

My fund administrator applied for my tax directive with SARS but it was rejected saying my tax number is invalid. I then phoned SARS and they confirmed all my details are correct but there is an error so their IT guys must look into it. I need my provident fund spy out. My problem is that they said it takes up to 21days,I need this money desperately. What can I do? Thank you Tim.

Can I claim Provident Fund from SARS?

  Written by Nicci   Posted 15 January 2016

I am a member of a Provident fund does this mean I can claim from SARS? Like I would with an annuity

Retirement fund withdrawal

  Written by Nicci   Posted 15 January 2016

Hi, I am changing jobs, and I have the option of withdrawing some or all of my current balance in my provident fund. Please advise on the rules surrounding withdrawals. Is there any limit to how many times one may withdraw in lifetime? I will leave my current job at the end of Jan, so it still falls under the current system. Will any of the changes to RA that come into effect on 1 Mar 16 affect these withdrawal rules.

Am I supposed to pay tax?

  Written by Nicci   Posted 15 January 2016

I am a foreign student studying in South Africa, I got a part time job earning about R20,000. I resigned after 2yrs 8months. I was informed there is a provident fund I was to collect. The company was deducting tax from me every month. Was I supposed to pay tax? And will this affect the tax directive for me to receive my provident fund

Tax Deduction from Provident Fund

  Written by Nicci   Posted 15 January 2016

I had R300 000 tax deducted from my late husband's provident this year - will i qualify for a tax refund? I am unemployed i was dependent on my husband fully

Resignation

  Written by Marc   Posted 14 January 2016


If my retirement fund is standing at 63000 and I resign how much will I get out? Thats including company contributions. Its not my first time I resign from a company. And what if the company contributed group life insurance? Will I get out less than 30000?

Are pension contributions deductible even if it doesn't apear on the IRP5?

  Written by Nicci   Posted 13 January 2016

Am I able to claim my pension contribution if it doesn't appear on my IRP5 for the 2014 and 2015 tax years?

Question which relates to tax deductions on pensions

  Written by Marc   Posted 11 January 2016

Please understand, that I know very little about tax !! Infact, I leave it to the experts. Your wesbite is very informative, allow me to thank you. However, I need to clarify the tax deductable when a person withdraws their pension fund before retirement. Its very straightforward on you webpage, however, it does not make provision for the tax % a citizen will pay / should pay, it assumes that we all pay the same % tax. So if a layman has R100k in their pension fund, and so does the CEO of a big ...

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Donation from overseas

  Written by Marc   Posted 11 January 2016

A British pensioner who lives in RSA and is a South African resident is being offered £1000 per month from her sister in the UK as the pensioner has no money to live on in her retirement. I understand the donor will not need to pay donations tax to SARS as she is a British citizen and resident. However will the pensioner (donee)be required to pay tax to SARS on these monthly donations for living expenses?

Independent Contractor Setup

  Written by Marc   Posted 8 January 2016

Hi TaxTim

Great site!

I need guidance on what is required ito independent contractor (IC) tax & vat requirements. 1) If trading through my PTY LTD company as an IC, do I pay companies tax as well as personal income tax?
2) Do I deduduct all claims and deductions (medical aid, RA) prior to paying over tax, or only when I reconcile/ file tax?
3) How many times a year do I need to file tax returns?
4) Do I need to setup PAYE and UIF?
5) Income will exceed R1m per year, so vat should be registered. If true, When do I pay vat over to SARS and what paperwork is involved?...

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Hi tim to claim my late husbands provident I was asked to obtain a tax number but I do not have one

  Written by Marc   Posted 7 January 2016

Hi tim to claim my late husbands provident I was asked to obtain a tax number but I do not have one as I was never employed in my life what type of tax form do I fill in to receive my late husbands provident fund

Can I opt just to have either my provident or pension fund paid out and to buy an RA with the other

  Written by Marc   Posted 5 January 2016

I have both a pension fund and provident fund at my current employer. I plan to resign prior to the introduction of the retirement reform legislation thus before 01/03/2016. Would it be possible for me to have just one of the 2 funds paid out and taxed and to invest the other in a retirement annuity. Also my assumption would be that I would only be taxed on the fund which is paid out. Thanks for your assistance. Kind regards

Will a sev package tax exemption in 2012 affect tax level for early withdrawal in 2016?

  Written by Marc   Posted 5 January 2016

I am withdrawing R660000-00 from my Pension Preservation fund. I understand that R25000 is tax free and I will be taxed 18% on the balance. However I was retrenched in 2012 and received a severance package of which the first R315000-00 was tax free as far as I remember. How will this tax exemption of 2012 affect my lump sum pay out taxation rate for 2016? Has the 18% tax rate been used up partially?

Residency and Holiday Allowance Mistakes

  Written by Marc   Posted 4 January 2016

I am 69 years old an SA Permanent Resident not a Citizen. I am a UK Citizen. South Africa is my normal place of residency. But I sold my house in South Africa in October 2009. I took out this money as a holiday allowance in January of 2010 in Travellers Cheques. I did not close my South African Bank Account (holiday not leaving)
Because I am 69 and worked in the UK before coming to South Africa I receive a UK State Pension. I have the UK pension paid into a UK Bank account which I opened in Jan 2010...

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Returing to SA from Canada - Do I pay tax in SA on Canadian income ?

  Written by Marc   Posted 4 January 2016

I immigrated from SA in 1997 and lived in Canada since - also became a Canadian Citizen
Now tax returning to SA as a resident - lost SA citizenship
Leaving all my wealth in Canada and remaining a Canadian Citizen
My wealth is invest on the TSX
Will buy a home in SA and transfer money as I need it
I will continue to pay taxes in Canada
Do I have to register in SA as a tax payer and pay tax on my Canadian income?
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