Lump Sum Retirement Fund deposit no longer accepted under SARS code 4006 in reassessment

Posted 25 November 2015

Hi. My 2013 tax return was reviewed this tax year and adjustments made by SARS to my Retirement Annuity fund which has now left me owing SARS a large sum of money where the original assessment actually gave me money back. If I compare the original ITA34 to the new one I can see that the previous SARS code 4006 which had an amount counted as part of my deductions now in the new ITA34 reflects as R0.

A bit of background to this is that I changed employees and my new employer did not offer a pension fund so I instead redirected these funds to my retirement fund...

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Where do I enter funds received from a retirement plan?

Posted 24 November 2015

Where do I enter funds received from a retirement plan?

What is the tax rate payable when withdrawing a portion of the provident fund money?

Posted 24 November 2015

Have resigned (under 50 years old) and need some cash flow. I transferred the provident funds from employer to a preservation fund account. How much tax will I pay if I make a withdrawal of a portion of the funds?

Can you assist with complicated tax return, involving extra income, provisional tax etc?

Posted 23 November 2015

My situation is pretty complicated. I am a provisional tax payer. I earn extra income for 3 properties, but also from a side business. All goes through my own personal bank account, so it is personal tax all of it. I am fully employed, however I was retrenched in 2014 June. I have an income protector and claimed from it for 2 months, until I started work again in September 2014. I have retirement annuities, medical aid etc.

Am I able to use your services effectively and accurately in...

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Out of pocket medical expense of R3920. Will that help my refund?

Posted 23 November 2015

Out of pocket medical expense of R3920. Will that help my refund? I have no medical aid.

Policies where does that go?

Posted 20 November 2015

Where do I put in medical aid contributions, retirement annuity, income protection, endowment policy, provident fund?

Thanking you
Debbie Mocke

Where on my SARS form do I submit info for a Unit Trust Investment if I get a IT3(b) Portfolio incom

Posted 20 November 2015

Where on my SARS form do I submit info for a Unit Trust Investment if I get a IT3(b) Portfolio income summary?

Made my own medical contributions whilst unemployed. Can I claim

Posted 19 November 2015

If I was unemployed for the year and only received a payout from a provident fund, that was taxed by SARS. And continued to make contributions by myself to medical aid. Can I claim anything?

How do I rectify outstanding RA amounts, without the documentation?

Posted 19 November 2015

SARS says there is an outstanding amount from a RA in a 2012 Tax Return, because of this I have a very high penalty to pay. I can not find this documentation, even after I've requested it from my RA at the time. What do I do if the numbers don't add up, and I can't find this document.

Tax on Cash Lump Sum

Posted 19 November 2015

I have resigned and Agreed with my current employer to get paid my 3 month notice pay since I am starting my own business. How much tax is applied to a cash lump sum (3month notice 220k leave pay 70k), can I apply for a tax directive.

What is the limit on taxable interest from investments per year?

Posted 19 November 2015

What is the maximum amount of interest I can receive on my investments for a year, before I begin to be taxed? I am not married. I have a Fixed Deposit and I receive rental income.

Do I need to fill in a return?

Posted 18 November 2015

I receive a disability pension and it has become tax free. Do I need to fill in a tax return?

Tax percentage on provident after resignation

Posted 17 November 2015

I have been employed for 3 years . Provident fund I approx 45 k. What Is tax percentage since I have resigned. ?

If I use both codes will I be taxed twice on one amount paid to me

Posted 17 November 2015

I have an IRP5 from Glacier Financial Solutions for my pension payments and they have used the amount paid to me under code 3610 and code 3698. If I enter both on my tax return will I be taxed twice?

Do you get taxed more in year that you had income or where there was minimal or no income?

Posted 17 November 2015

I left my job in August 2015 and want to withdraw a portion of the provident fund in Nov 2015, i. E. In the same tax year as when I worked 6 months (March - August 2015). Am currently unemployed/self employed. What is the best time to withdraw in such a way as to save on tax. In 2015 year or wait for new tax year (Feb, 2016) where income is R0. 00?.

Medical Aid and Annuity deductions

Posted 17 November 2015

Good afternoon. I have medical aid and a retirement annuity, which is registered under my name and details, but the payments are made in full directly by my employer. It does not reflect on my monthly salary slip but is part of my formal yearly package. Can I claim tax on my medical aid and annuity?

Where do I get my tax directive?

Posted 16 November 2015

I got an IT34 notice. My tax status shows I need manual interference from SARS as they need a tax directive for the lump sum paid to me from a retirement fund. I received one IRP5 from my employer which includes my year's salary income as well as the retirement money. What happens now? Who is responsible for getting the tax directive? Shouldn't the retirement fund paid me directly and issued their own IRP5 to me?

Directive outstanding

Posted 15 November 2015

Quit my job. Got a new one. Had my pension transferred to an Alexander Forbes preservation fund. The full amount is listed on my tax return as lump sum income. Completing my tax return, I am told by SARS - "Lump sum declared by directive outstanding". What now?

Where do I declare full cash payment from pension fund?

Posted 13 November 2015

I transferred from one company to another that outsourced their information systems department with a section 197 transfer a year ago. I decided to withdraw the full cash from my pension fund, as the money in my pension fund could not be transferred to a provident fund without being taxed (not sure it this is correct). Could you please advise where to declare the full cash payout / income that I have received?

Is there any entitlement from GEPF after my pension money was paid?

Posted 13 November 2015

I have worked for the public service for 15 years and resigned end 2014. I received my pension pay out around February 2015. Is the anything that I still need to claim back from GEPF? by means of tax returns???

Overtaxed or what?

Posted 9 November 2015

Im unemployed I recently got divorced and I received R544 888. 90 as a settlement before tax deductions and after deductions it was R456 000 was I overtaxed or was it alright?

Should pensioners submit a tax teturn?

Posted 8 November 2015

My parents are 84 and 78 respectively. They receive a monthly pension income of R140 000 /a and a contribute to a medical aid of R 22 500 /a. They dont have They have limited medical expenses not covered by the medical aid. Do they need to submit a tax return?

Do we get 100% lump sum

Posted 8 November 2015

I would like to know if guys pays the all lump sum fairly or u keep some percentage for next payouts or investment

How much tax will I pay when receiving a provident fund upon leaving my company?

Posted 6 November 2015

How much tax will I pay when receiving a R102 000 provident fund upon leaving my company?

Retirement Annuity Fund

Posted 5 November 2015

How do I reflect my Retirement Annuity Fund contribution on my tax return?
Can I reflect for both 2014 and 2015, if the amount for 2014 was not included in the tax return for 2013/2014?
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