Could I claim all contributions and additonal medical costs for a dependant parent of 73?

  Written by Marc   Posted 23 September 2015

This question is about medical tax credits. I am a 73 year old pensioner. I thought that if I was a dependant on my son's Discovery medical aid, then he could claim form his tax the full contribution for me (being over 65) and also any additional medical costs I incur which are not covered by the medical aid (the full amount). Am I correct?
And I will tell my sons about this terrific service. Thanks

Tax on pension fund employee and employer contribution

  Written by Marc   Posted 23 September 2015

If my gross salary is R14000. And the employer now decides to join a pension fund and will contribute 5% and the other 5% will be a deduction from the employee. How much is the taxable income now?
Does it stay R14000 since the R700 now becomes part of the employees income and will be deducted before tax? and the employees contribution is just a normal deduction and not tax deductible?

PAYE Deduction?

  Written by Marc   Posted 22 September 2015

As a salaried employee, I have been paying my own Retirement Annuity Fund, now the Company reimburses me, backdating it for 24 months, would there be any PAYE deductions on this?

thank you so much

Why would SARS disallow my Retirement Annuity Code 4006?

  Written by Marc   Posted 22 September 2015

I was advised by my HR department to fill in the amount from code 4001 next to code 4006 as well for my retirement annuity. SARS has however disallowed code 4006. Why would it be disallowed?
I currently have a Pension and Provident fund. Thank you

Can I claim a lump sum financial lease installment settlement as a deduction for tax purposes.

  Written by Marc   Posted 21 September 2015

If I am currently paying a finance lease for a vehicle and then subsequently decide to request a settlement figure from the bank and pay the remainder of the finance debt off to the bank can I claim the lump sum settlement as a deduction for tax purposes?

How to legally handle an amount of R500,000 paid to parents for purchase of retirement home.

  Written by Marc   Posted 15 September 2015

My husband and I are over 75 and because of his health problems have sold our home and bought in a Retirement Estate with Frail care. Our son, has donated R500,000 towards the cost of the unit. He is not resident in S. A. So will not be liable for tax but we have been advised that, he can donate annually, an amount of R100,000 which in 5 years will cover the original amount. Is this correct? We do not pay income tax as our only income is through interest on investments and a small pension receiv...

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If my parents medical aid is paid from my bank account how can I include them in my return.

  Written by Marc   Posted 14 September 2015

If my parents medical aid is paid from my bank account how can I include them in my tax return?

Annuity Fund contributions claim

  Written by Evan   Posted 14 September 2015

When you have an Annuity (Retirement Fund), where does this fall regarding claiming from SARS?
This is a fund that we pay ourselves as my husbands employers does not have a retirement fund / plan we can use.

Source code 4002 a full amount paid or limited amount to be entered

  Written by Evan   Posted 14 September 2015

For the amount of arrear contributions, do I include the full amount paid or the limited amount?

Tax Directive for CCMA Settlement

  Written by Marc   Posted 11 September 2015

I got paid out by my previous employer after a CCMA settlement in excess of R170 000. How do I know if they requested a tax directive for this and is it required?

Do you limit your arrears pension fund to 1800 or you enter the actual amount?

  Written by Marc   Posted 11 September 2015

Do you limit your arrears pension fund to 1800 or you enter the actual amount?

Was the wrong amount deducted

  Written by Marc   Posted 10 September 2015

How do I calculate pension tax deduction after I received my money for 2011 according to SARS I owe them. The amount was R144817. 27 they deduct 21687. 285

Taxation of overseas pensions here in RSA

  Written by Marc   Posted 8 September 2015

I have tax returned to RSA in April 2016 and receive pensions -paid in UK, how are these taxed now I am a returning resident?

Will provident fund for 2016 return be regarded as fringe benefit?

  Written by Marc   Posted 7 September 2015

Hi, please advise in my 2016 tax return will my provident fund be taxed as a a fringe benefit? What source code will be used.?

Can I claim a retirement fund abroad on my South African tax return?

  Written by Marc   Posted 4 September 2015

I have a retirement fund abroad. Can I claim this as expenses on my South African tax return?

Does Pension Lump Sum Income get added to Normal Income for determining tax liability?

  Written by Evan   Posted 3 September 2015

Do you get taxed twice when withdrawing early before age 65 from a pension fund? So the first tax is when the tax directive is issued by SARS, and then the second when you complete your tax return and declare the lump sum payout as an income. Does this pension lump sum income get added to your normal income to increase your total income when determining tax liability?

Can I claim for medical aid expenses for my mum that I pay ?

  Written by Marc   Posted 3 September 2015

I pay for my own medical aid for myself and 3 dependants. I also pay for my pensioner mum and disabled brothers medical aid. I put them onto a separate medical aid as it will cost me too much if I had to add them as dependents on mine. I got my mum as the principal member and my brother as the dependant on that medical aid. Can I claim for this under medical aid / medical expenses? I did call SARS helpline but was told I cannot as they are not dependants under my medical aid. I did tell them tha...

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Tax on severence pay and retirement lump sum

  Written by Marc   Posted 3 September 2015

How is tax calculated on severance pay and a lump sum withdrawal from a retirement fund. For instance I took voluntary early retirement and was paid severance pay of R 840000. I also withdrew a lump sum of R700000 from my retirement fund. I was informed they are handled as separate intentions for tax purposes, and do understand that only one will get R500000 tax free benefit.

Refund withheld due to supporting documentation denied

  Written by Marc   Posted 2 September 2015

As this was my first year registering and submitting my tax return, I submitted all tax returns up to 2008. I was thus requested to provide supporting documentation for the 2013 tax year. I uploaded my IRP5 document as proof via SARS eFiling, but this was denied. I do not have any other documentation as I am not claiming for any expenses. I do not have medical aid, nor received travel/petrol allowance etc. I do however contribute to a retirement annuity fund which I have included in my 2014 and ...

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Please advise on inheritance tax and interest income tax.

  Written by Marc   Posted 2 September 2015

I am receiving R 800 000 from my uncle, as part of an inheritance. Will I have to pay tax on this. I would like to invest it where I will receive a monthly interest that I can use, will I be taxed on this monthly amount. If so how much?

Claiming health insurance when not being the main member

  Written by Marc   Posted 2 September 2015

Hi, I am health insured as a dependent with my husband, who is the main member. Can I claim any of the expenses for health insurance with SARS even though I am not the main member? And if yes, how much would that be? (The health insurance only gives the lumpsum for all insured members in their tax certificate). Thanks!

I owe SARS money, will it be deducted from my pension fund?

  Written by Evan   Posted 1 September 2015

I owe SARS - R18,000. My pension will be paying out soon, will they automatically deduct this from my pension or must I first pay this amount?

Tax payment from salary

  Written by Marc   Posted 30 August 2015

If I am employed under a sole proprietor, and my salary has not deductions at every "pay-day" (eg. I don't received a salary advice reflecting deductions of PAYE or UIF). Would there be any recourse against me from SARS, is it the responsibility of the company to make the relevant deductions each month and to pay it to SARS?

I am really uncertain about all of these things, as in the past (before my retrenchment period prior to this job), the companies that I worked for did all of thes...

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Will being audited result in my company pension not being payed out

  Written by Marc   Posted 30 August 2015

My 2011 and 2012 tax returns were outstanding. I filed them today. I am now being audited. My pension fund is paying out and will only be paid out if tax clearance is given. Will the fact that I am being audited influence my tax clearance?

How much tax for R41000

  Written by Marc   Posted 30 August 2015

How much will be deducted for tax if I claim provident fund for R41000
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