Provisional 2016 tax calculation

  Written by Marc   Posted 4 January 2016

I want to do provisional 2016 tax calculation, I am on pension from 1 Nov - did received a normal salary, I did received a lump sum with tax directive and pension payment with tax directive

Can I invest more in a private RA if my company makes a contibution to a provident fund

  Written by Marc   Posted 30 December 2015

My company makes a 100% contribution to my provident fund, including all fees. On my salary slip, this is shown as a company contribution, and not as a deduction. I understand that there is a tax benefit when contributing up to 15% of my non pensionable salary to a retirement savings scheme. Because the contribution is shown as a company contribution and not as a deduction, does this mean that I still have the full 15% available to contribute to a private RA?

If so, how do I calculate...

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How much am I going to be taxed on my annual salary of R264000 if I resign with immediate effect.

  Written by Marc   Posted 30 December 2015

I am 28 years of age and I would like to resign from my current job as I found something better. I earned 15000 a month after deductions and my cost to company was R264000 per annum. I wanted to know how much are they going to tax me when I take my early pension?.

Desperate for correct advice

  Written by Marc   Posted 30 December 2015

Hello.... My mother is turning 86 in February 2016. She rents out rooms in her house on an informal basis and this provides an irregular income. She has small monthly annuity payment of about R1000 which ceases on her death. What is the taxable income threshold for someone of her age and does she really need to to submit a yearly tax return?

Tax Calculation for mid year joining

  Written by Marc   Posted 30 December 2015

If we have employed a person in November 2015 at a salary of R 8000, no pension fund, no travel allownace, how much tax I have to deduct in four months, i. E. Nov,Dec,Jan & Feb

Contracting Benefits vs Salary

  Written by Marc   Posted 23 December 2015

I am currently a salaried employee and I get deductions for:
- Medical aid
- Travel allowance
- Retirement (RA)

I am considering contracting (to one client). Will my total monthly invoiced amount be taxed normally? I will have to pay for medical, travel and RA directly. Am I losing out or do I still claim for these somehow?

What would my tax be?

  Written by Marc   Posted 23 December 2015

I recieve a weekly salary of R1650. I also recieved a bonus last week of R6600,therefor my salary was R8250 for the week. I only get paid like this once a year. What would my tax be on that weeks payslip? I dont have pension,provident or retirement funds. Not even medical or traveling.

Does previous pension withdrawal have impact on tax calculation on one third payout on retirement?

  Written by Marc   Posted 14 December 2015

I drew R250 000 from my pension fund when I moved companies a few years ago and placed funds in a Pension Preserver. Must this figure be added to my one third withdrawal for calculation of tax when I retire?

IT34A

  Written by Marc   Posted 14 December 2015

Dear Tax Tim
I earn random commissions as an event planner and promoter. Get paid cash. No Medical Aid or Retirement Funds. Have applied to purchase a vehicle and they want ITA34. I have never submitted a tax return.

Is the pension fund exempt or amounts payable from the pension fund to the taxpayer

  Written by Marc   Posted 12 December 2015

Receipts and accruals of a pension fund are exempt. Does this entail that the fund itself is exempt or amounts payable from the fund to the taxpayer upon retirement.

Maximum tax benefit for provident fund and annuity contributions from myself

  Written by Marc   Posted 10 December 2015

Can I get a tax benefit for a provident fund that I contribute to as well as an annuity at the same time?

Qualifications to pay tax?

  Written by Marc   Posted 8 December 2015

How much per annum must you earn not to pay any income tax

Code 3901 on IRP5, no payment received nor entitled to receive

  Written by Marc   Posted 8 December 2015

My previous employer added an item to my IRP5, code 3901, for the amount of 134062. My reading of 3901 is for gratuity related to retrenchment, retirement or death. I did neither of the three, I simply resigned. Then of course, there was no such payment received by me, yet the employer claim there was. I cannot see how I can be expected to pay tax on something I did not receive nor did not qualify to receive. What to do now?

Tax return question

  Written by Marc   Posted 7 December 2015

If you pay medical aid close to R4k out of pockets, and within a tax year you have incurred additional medical cost of about R15k, you have monthly RA of R1k... And you still contribute towards your employers RA. How much roughly would one get for tax returns

Can I claim for Medical Aid and Provident Fund contributions at the TAX year end?

  Written by Marc   Posted 7 December 2015

In my new job I am getting a CTC of which only income TAX will be deducted. Previously Medical Aid and Provident Fund was deducted from the CTC then the remainder taxed, as a result I paid less TAX. In the new job I will have to pay med aid and provident after my income has been TAXED. Will I am be able to claim at the TAX year end for this?

Will I be able to get the same amounts as if the amounts where being deducted from the CTC before being TAXED?

Document/records storage

  Written by Marc   Posted 3 December 2015

If I change to SARS eFiling with your assistance, where would my tax records be stored. & who stores them -- SARS, Myself, Tax Tim??

Cap on non-taxable pension fund lump sum withdrawal

  Written by Marc   Posted 2 December 2015

In the past tax year I worked for 3 companies. Got paid pension fund by 2 of those companies with total pension fund being below R20k
On the IRP5 from the company that paid outthe Pension fund there's a code 4 which I thought it meant this amount was not taxable( I understand it as meaning this amount will not add on to what I owe SARS). Submitted my tax returns and the SARS assesment has included the pension fund lump sum payment as what I owe SARS. Please advice if this is correct

Does provisional income/ capital gains count towards income iro RA contributions?

  Written by Marc   Posted 1 December 2015

I own a business and I draw a standard non- pensionable salary of R1 440 000 (120K p/m). I pay R360k (30k p/m)to an RA. Which means I actually don't earn enough to achieve the max tax destructibility for my RA. However this year for the first time I have other income from share sales (my share trading G&L statement currently reflects a gain of 264K). Will this income add to the non-pensionable salary above and thereby reduce the disallowed portion of the RA Contribution?

Will I be penalized for not filling in a tax return for last year and this current year

  Written by Marc   Posted 1 December 2015

I have been working for 2 years now, I started 3 December 2013 and I never filled in a tax return before. I only became a permanent employee 1 April 2015 and only then started contributing towards a medical aid and pension fund. I have missed the 27/11/2015 tax return deadline. I am not sure how this whole process works. Will I be penalized for not filling in a tax return for last year and this current year. I will be more than happy to pay for your services. Regards

Tax on retirement gift from a Church to a Pastor

  Written by Marc   Posted 1 December 2015

Our church wants to donate a parting gift to a retiring Pastor of between 500000 and 750000. Will the church have to pay donations tax or will the retiring Pastor have to pay tax on this amount?

I would like to know what is IRP5 is?

  Written by Marc   Posted 30 November 2015

I just want to know what is IRP 5 CERTIFICATE FOR LUMSPSUM. Ian if the say gross lumpsum is 7500 what that means. Can I get the best explanation please. Thnx

Tax on 2 incomes after increasing monthly tax

  Written by Marc   Posted 29 November 2015

How does SARS tax 2 incomes? Monthly salary and pension income. Paid SARS thousands last year and this year again after 'upping' my tax by R2000 per month?

Foreign Income included in Turnover Tax?

  Written by Marc   Posted 27 November 2015

1. Which one of the following squares must be clicked on under "Foreign Income - Yes or No" on the "Information to create your personal Income Tax Return" (see background information in 2 below)

2. My husband is a pensioner and a Provisional Tax Payer. He also practices art as a hobby and registered as Turnover Tax payer regarding this income. How should he declare the foreign income from paintings that he sold to clients abroad, which is already included in the Turnover Tax amount d...

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IRP5/IT3a for self employed

  Written by Marc   Posted 27 November 2015

I am stuck here as I'm self employed, can someone help me out please:
Did you receive an IRP5/IT3a from being employed as an employee, from contract work, or from a fund (e. G. Pension, provident or retirement)?

Change amount of tax return document already submitted to SARS

  Written by Evan   Posted 26 November 2015

I have already submitted my tax return for the year 2015, but I want to correct the amount on source code 4006. Can you please assist urgently to correct that. How do I make a correction on TaxTim?
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