Retirement fund payout question

  Written by Marc   Posted 9 March 2016

I have received a payment for a retirement claim from my retirement company. I want to confirm if the tax I have paid is correct. The payout is reflected under code 3915 and 3698 on my IRP5. The tax is reflected under code 4115 as PAYE. When I submit my annual tax return- will I be expected to pay in an amount as additional tax?

The current calculated tax amount (which was withheld from payment) was very low. So my question is - is that low tax correct- and would I be expected to pay ...

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Payable tax if you did not work for the entire financial year.

  Written by Marc   Posted 9 March 2016

In the event that a person only worked for half of a financial year, should he or she fall to a lower tax bracket if you look at the total yearly income? So lets say I earn 30000 rand per month, but I only worked for three months in the financial year, should I still pay the same amount of tax as a person who earned 30000 rand per month for a whole year? or how does it work for people that didn't work the entire year?

Can I get money back from sars

  Written by Marc   Posted 8 March 2016

I am paying 515. 25 tax every month my Taxable earnings standing now on 99037. 00 can I get money back from SARS

Return from SARS for tax paid

  Written by Marc   Posted 8 March 2016

Hi. IF I Was not working for 7 months will I get any money from SARS.

I paid too much tax and need clarity?

  Written by Marc   Posted 8 March 2016

If I earn 6500 on a monthly bases why has may tax deduction been over a R1000 during the months of Jan and Feb 2016

Refund after how long

  Written by Marc   Posted 7 March 2016

How does it take to receive your refund after you submitted your proof of residents and 3 months bank statement?

SARS - my bank account detail change

  Written by Marc   Posted 7 March 2016

I need to change my bank account details with SARS. I work in PTA and live in PE. I went to SARS PE and they saidf I would be in a 4 to 5 hour queue before I could see a consultant. I left. How can I do the bank account change without going in to SARS?

If I have to go to a SARS office can I do this in any city?

If in PTA which SARS office(s) can I use.

PAYE vs Provisional Tax

  Written by Marc   Posted 7 March 2016

I have a permanent job which caters for roughly 65% (660k) of my total gross income the other 35% (335k) is obtained by a business I run. Should I apply for provision tax and should my company be paying PAYE for me or should I be paying two payments as a provisional tax payer? How do I go about this if it is the case?

How much do I get taxed when I get paid R9000 p/m

  Written by Marc   Posted 7 March 2016

How much would I be taxed if I get R9000 a month?

Do I pay SARS if money is in Overseas bank account?

  Written by Nicci   Posted 6 March 2016

I just became a citizen of India. I work online. Payment is received via PayPal. So I do not have a South African employer. If I open an Indian bank account and direct my income into my Indian bank account instead of a South African bank account, can I still pay tax on that money via SARS? Or would I need to pay it via the Indian Tax system?

How long does a SARS audit take?

  Written by Nicci   Posted 6 March 2016

My documents were accepted on the 1st of February. I was told that I needed to submit additional documents. I did as of the 26th of February. How much longer before I receive a tax refund?

SARS overpaid me - what can I do now?

  Written by Nicci   Posted 6 March 2016

SARS overpaid me several years ago as part of a bigger payment. I only became aware of this when I went to file the following year and was informed that I owe them a large amount of money. They did not tell me that that I owed them money as a result of overpaying me. I found this out recently on my own. The amount is such that I will never have this money in one place again and the only time I can reasonably hope to pay this back is when I retire with my pension. Now as a result of a mistake th...

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Is SARS using delay tactics to pay out money?

  Written by Nicci   Posted 6 March 2016

I was notified that my assessment was complete and SARS owed me money. 60 working days after the claim, I have been asked for the same supporting documentation required in the first place. Is this a delay tactic to pay up?

Tax refund delay

  Written by Nicci   Posted 6 March 2016

It's been three to four weeks I submitted my tax returns and promised I'll get my refund but nothing to this day.

What is an IRP5 and what documents do I need to submit a tax return?

  Written by Marc   Posted 4 March 2016

What is an IRP5? I worked last year for seven months and my salary before tax was R16777. I have never submitted a tax return before and am pretty sure I am under the threshold but I want a refund, but have no idea what to do. I didn't receive medical aid or any benefits. Please help.

Medical payment

  Written by Nicci   Posted 2 March 2016

I have a medical bill to settle for treatment rendered in February. If I pay it now (in the new tax year) will it be for tax year 2017 or 2016?

Efiling message

  Written by Nicci   Posted 2 March 2016

I submitted my tax return through SARS eFiling but since submission this is the message I keep getting. "Please note that your tax return cannot be processed immediately as there are certain aspects of your tax return that require manual intervention. " Please advise why?

Size of a document you need to submit

  Written by Marc   Posted 2 March 2016

When I filed my tax return last year I needed to submit documents. But one document can only be a certain size and I could only file 20. I had to go to my nearest SARS office to submit the rest. Can you please tell me what the size of one document must be, since I want to combine my documents so that it will only be 20

Do I pay tax on the pay out ? What about the R 500 K tax free rule ?

  Written by Marc   Posted 2 March 2016

I have been retrenched, the money from my Pension Fund has been transfered to Retirement Annuity Fund with a portion being paid out to me. Am I liable to pay tax on my pay out? I have not reached retirement age as yet. I am 57 yrs old.

NOTICE OF OBJECTION

  Written by Marc   Posted 1 March 2016

Will I be able to file a notice of objection for outcome of tax assessment in 2014?

I know a person have to object within 30 days, but I only found out the outcome on 16/09/16. Apparently they've send a letter, but I never received it. Kindly take note that when I filed my tax I've included a letter to inform them that they should communicate via post, since I am unable to open and read any doc's on e-filing

Can you upload completed tax return directly from TaxTim to SARS?

  Written by Nicci   Posted 1 March 2016

Must I submit the completed TaxTim form directly from your website to SARS or must the information generated on your document be captured on the SARS e-filing form?

Small business

  Written by Marc   Posted 1 March 2016

I run a small business from home and make about R40 000. 00 a year. I only pay insurance and maybe cell. So what is my draw for provisional tax. And how much tax would business pay.

Does loan repayment affect tax calculation?

  Written by Nicci   Posted 1 March 2016

When calculating provisional tax, must your repayment on loan be deducted from the taxable amount?

Which package do I select for your service?

  Written by Nicci   Posted 1 March 2016

To use your service, I need to identify as either provisional or individual. I haven't yet registered as a provisional taxpayer on SARS (I'm meant to do that now), and have been earning income for about six months now, as a freelancer. If I want to use your service, do I select the provisional tax payer package, or do I have to officially register as a prov. Tax payer over SARS eFiling first?

First time freelance consultant from January 2016 - do I register for provisional tax?

  Written by Nicci   Posted 1 March 2016

I just started as freelance consultant in Jan 2016. I am not sure how much I will earn as it all depends on if I get clients. Do I register for provisional tax? From reading your articles seem I fall in the 2nd payment what do I do? SARS assumes taxpayer will be able to pay upfront?
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