Retirement Posts in Tax Q&A

Difference between source code 4001 and 4002?



The retirement form questions on TaxTim ask if I have code 4002 on my IRP5. I don't have 4002 (ARREAR PENSION FUND CONTRIBUTIONS), but I have 4001 (CURRENT PENSION FUND CONTRIBUTIONS).

Can I not claim for this contribution?

How to catch up on outstanding returns when I have no income and expenditure records



I resigned from my job in 2010 and took my pension to buy a small business, which I ran as a sole proprietor for 2. 5 years. During this time, I did not submit a tax return, as I wasn't sure how to do it. Also, I was not making much profit and more or less came out even at the end of every month. I then passed the business on to my son-in-law and started working again in 2013. All the income and expenditure info relating to the business was contained on a laptop, which subsequently crashed, so I...

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How do I know if sars still owes me money



Hi, I am not working at the moment have been unemployed since 2014 March, would like to know if there is anything that I should submit since I was last employed at FNB in March 2014 when I received my pension, According to me the banks and SARS are usually accurate when it comes to deducting the tax from bank employees but I do not want any surprises. How can I find out whether SARS owes me or I owe them anything,the last letter I got said that I was being penelised,How can this be if im not eve...

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Resigned and Provident fund pay out



I resigned from my old company August 2014 and continued working as a temp until March 2015, when I started working at my new company. My Provident fund was also paid out in October 2014. Will I need help to complete my tax return now?

Gross salary IRP5 code?



When you ask in the Income Tax Calculator "Your gross salary is the entire amount, including all benefits, that your boss pays you. " What code should I be looking for on my IRP5?

Is PAYE deducted on a basic wage or on a wage including provident contributions from the employer ?



I need a wage structure where the employer contributes 8% to a provident fund and the employee contributes 7. 5% to the same provident fund. How and when is PAYE deducted? Do you add the 8% to the basic wage and then deduct PAYE?

Changing retirement funds and tax implications



During this tax year, I was retrenched and had to move my retirement fund money from the fund where it was to a new preservation fund. The amount of money transferred shows up on my tax return, but I just want to find out if I will be taxed on this? Will SARS know that the money has been moved to a preservation fund and not paid out cash to me?
Thanks!

Want to know hom tax will be deducted if I resign



My pension is the amount of 90983045

Two medical aids



For the first four months of the tax year I belonged to a full medical aid deducted from my salary as part of cost to company. After that I was retrenched and joined a medical aid fund on my own. It is a hospital plan and not a full medical aid - does this still get filled in as a medical aid on the tax form (even though it is just a hospital plan)? If so, would I add the two amounts together to fill in as my medical aid deduction on the tax return or or they separate? - I know the work one has ...

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Does disability influence the tax calculation on lumpsum pension fund payout?



If I have been really receiving a disability income from my place of work, how does this affect my pension fund lump sum payout? Is disability taken into account when the lumpsum is taxed?

MEDICAL TAX CREDIT REFLECTED ON IRP5/IT3(a)



1. I am retired and a deduction for my Medical Aid Contribution is made from my monthly pension. My Tax Certificate displays a basic Tax Credit (R257 x 2 x 12) which does not include the extra Tax Credit for claims submitted to, but not paid by, my Medical Aid Fund. My neighbour, on the other hand, who also has a deduction for his Medical Aid Contribution from his monthly pension, received his Tax Certificate which reflects a Tax Credit taking into account a basic Tax Credit (R257 x 2 x 12) as well as his claims submitted but not paid by his Medical Aid Fund...

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UNDER 65 PAYE 2005 R4500 NET SALARY



What was the paye amount for an individual under 65 years of age earning 4500 NET IN 2005??

Unemployed



I was retrenched and I'm presently unemployed. I'm living on the interest from a lump sum investment which amounts to about R8000 per month. Do I need to pay tax?

Audit Review



Hi Tim

I was retrenched and received my provident payment in March or April 2014 so now for 2015 submission I submitted the provident IRP5 and I also started with a new company in October 2014. The provident fund irp no tax was deducted but for my new employer there was but is was for total income less than R75000 for the 4. 5 months. I filed my tax return and now I received a letter for Audit review. From the looks of the calculation it seems SARS needs to refund me, how long does th...

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Calculation of PAYE



Calculation of PAYE. Earnings include allowances(standby, acting, travel and cellphone). UIF, medical aid and pension fund are deducted.

Retirement annuity contributions - do I add two amounts next to 4006?



I have received a tax certificate from Liberty regarding my retirement annuity. It states the total contributions I have made, SAID code: 4006. My employer also contributes to my retirement annuity and there is also contribution stated on my IRP5 with SAID code: 4006.

Do I add these two totals together or is the total contributions I made on the certificate from Liberty added separately?

I am paying to much tax, what now?



I did the tax calculator and my company is subtracting 5 times the amount of tax that I should pay from my salary each month. When I asked them About it they said they have a system that works it out and didn't want to help me. What should I do now?

Can I submit receipts after SARS has already done my tax for 2015?



I went to SARS and they did my 2015 tax. They said they owe me some money. But what I would like to know is can I submit my medical receipts and RA tax certificate still? I forgot to take it with me and submit them. Is it too late?

How much tax is required if you earn R17500 per month



What is tax figure if you earn R17500 monthly and you contributing R810 provident fund

Retirement Benefit of R500,000 Tax free



How do I take advantage of the R500,000 tax free portion AT RETIREMENT? I was retrenched at age 54 and paid full tax on my retrenchment lump sum. Now that I am 56 and would like to retire on the funds in my pension preservation fund, I do not understand why the tax directive on the first R500,000 from my preservation fund was taxed. I have NEVER retired before so I should have the full R500,000 tax free ON RETIREMENT?? Numerous calls to the SARS call centre have me confused between benefits at ...

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Pension fund reflects payout but it was moved to a preservation fund.



When I left my previous job I moved my pension fund to a preservation fund. I did not do my 2014 taxes and now when I go on SARS eFiling my IRP5 seems to reflect that I was paid out the money from my pension fund. I'm not sure what I'm supposed to do now. Would signing up for your service show me the steps I need to deal with this on my 2014 tax return?

Non-resident tax implication on rental income?



Myself and the wife ( non-residents / Irish citizens and tax payers) bought a property in South Africa in both our names. Does the R 65 000 tax exemption apply to each of us individually? The combined rental income is R 120 000 after expenses/deductions. We plan to invest the rental income in a flexible money market account at 5,75%. If the exemption applies to both i. O. W R 130 000 combined, do we have to register for tax?
Can flight tickets once in two years to oversee maintenance and i...

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Concerned about source codes that appear on IRP5 but not prompted by TaxTim



Hi there

I had 3 IRP5s for the 2009 tax year. I have just completed your questionnaire but am concerned as I was not prompted to punch in some source codes that appear on two of these IRP5s. The outstanding codes are the following:

- 3695
- 3699
- 4103
- 4473
- 4474
- 4486
- 3808
- 3810
- 4001
- 4005
- 4472
- 4474
- 4486
- 4103

Many thanks in advance.

What % tax u pay if your provident payout is R750000



I will be retrenched next year my age 52

How do I submit 2007 return without documents?



SARS is requesting that my husband submit a 2007 tax return. However, he was only working certain times during that tax period (as a freelance contractor) and has no IRP5. He contacted the company he worked for as well, and they have no record of a IRP5 as well. What do you advise him to do now if he has no documents for that tax period? He may be able to get a record of his retirement annuity contributions, but that is all.
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