Domestic taxes?

Posted 4 November 2015

Hi, my Domestic worker has been coming in every day, but for two weeks now she has been refusing to do the washing and ironing, she only tidies the bedrooms and leaves, when I spoke to her regarding this she said we don't pay her enough to do the rest anymore, although her salary is a lot higher than min wage, today she said that she is done and I need to let her go, she wants pension and back taxes from me now, although she was under the bracket.. I have no idea how to handle this situation, pl...

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What examples of income which falls under IRP5 code 3602

Posted 4 November 2015

Examples of income of a that can be classified under IRP5 code 3602

Tax on pension at 53 years old.

Posted 3 November 2015

I am 53 years old. I will be resigning at the end of January, and I will still be 53 years old. My pension is 1. 1 million rand. What will I clear after tax, as I want to take it out and not re invest.

Retirement annuity contribution from previous year

Posted 3 November 2015

I paid a lump sum into a retirement annuity investment in Feb 2014. I forgot to include any of it on my Feb 2014 tax return. There are no further contributions at this point. Q1: must I include the value of the annuity in my statement of assets and liabilities (I have rental income so I am completing that section); if so, under which heading does it fall? investments?
Q2: I saw something about carrying over R1800 in RA contributions to the next year. Is this correct? Do you put this under ...

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Medical scheme contributions paid by my deceased husband's employer

Posted 1 November 2015

My deceased husband's employer still pays my full medical fund contribution. They do not issue an IRP5. My Medical Fund declares my contribution as R34460. My income (as pensioner from a different company) does not declare this medical contributions. How or where do I declare this contribution (income?) from my late husband's company?

Is it possible to re-submit my 2013 tax return?

Posted 30 October 2015

Is it possible for me to re-submit my 2013 tax return cause I have been overcharged due to the following documents not submitted, medical certificate and retirement contribution certificate presently those documents are available.

Tax calculation on a lumpsum?

Posted 30 October 2015

GEPF LUMP SUM TAX ON R 2396808 52 YEARS Retire on 31/03/2016

Tax on retirement lump sum withdrawal

Posted 30 October 2015

I received a retirement lump sum benefit (withdrawal) in 2015 tax year of R 630 000. I have been taxed R 193 902. 08 which I do not think is correct. Please can you advise what tax should be paid?

Is my pension taxed when transferring from one fund to another?

Posted 29 October 2015

I changed jobs and requested that my pension be transferred from the previous fund to the new fund. This was done, but the old fund was taxed. I did not withdraw any of the money, so I am inquiring if I should have been taxed or can SARS provide me with a refund?

Do we pay tax on receiving half of your spouses pension? What is the percentage tax to be paid?

Posted 29 October 2015

I will be receiving half of my spouses pension fund after the divorce. I have read some of your answers from previous questions about the tax implications. You replied that it is not taxable but in a different question you answered that it is taxable. If so what is the percentage of tax to be paid? It is difficult to get the right answer on the web. Everyone has different opinions.

What is the taxation on the gratuity lump sum and on the annuity for medical retirement-GEPF?

Posted 28 October 2015

I belong to GEPF and was medically boarded. What is the taxation on the gratuity lump sum and on the annuity?

Structuring of ctc package

Posted 26 October 2015

My question is how to structure your ctc package for tax purposes, for example my employers has only the following guidelines
Ctc=657 918 per annum. 70% must be taken as salary , the remaining 30% may be structured in a tax efficient manner. I'd like to add a car allowance, as well as a bonus 13th cheque to the value of +- 25 000, and I'd like the company to contribute 12% of package as pension. What should I also consider for tax purposes

PROVIDENT FUNDS

Posted 25 October 2015

Why are 4003 deductions showing at zero FOR THE 2015 YOA?

Is there any tax liability in South Africa on the cash portion (commutation) of a UK State pension?

Posted 22 October 2015

My wife and I are both citizens of UK, permanently resident is South Africa. We are both about to draw our deferred UK state pensions, and we intend to commute the deferred portions for cash, roughly R500 000 each. Is there any tax liability in South Africa?

Difference between source code 4001 and 4002?

Posted 22 October 2015

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

Posted 20 October 2015

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

Posted 20 October 2015

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

Posted 20 October 2015

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?

Posted 19 October 2015

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 ?

Posted 16 October 2015

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

Posted 15 October 2015

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

Posted 15 October 2015

My pension is the amount of 90983045

Two medical aids

Posted 14 October 2015

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?

Posted 9 October 2015

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)

Posted 9 October 2015

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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