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

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.

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.

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

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

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

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?

Posted 11 September 2015

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

Was the wrong amount deducted

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

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?

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?

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?

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 ?

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

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

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.

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

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?

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

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

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

Posted 30 August 2015

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

Earning income outside of South Africa.

Posted 28 August 2015

Hi Tim, Before I start a Tax Return I need to ask a few questions. I currently am working in the UK. I started in July 2014 to date. I submitted a tax return in SA for the 2013/2014 tax year, but my last income was January 2013 (paid tax on a Pension/provident fund early cash out for this period). I keep a current address, and still have a bank account, and assets such as a car, etc in SA. I do not own property. Under what circumstances would I be required to submit a tax return in SA, and if so...

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What expenses can I deduct to calculate my taxable income

Updated 28 August 2015

Please enter your Taxable Income. This is your Gross Income minus the business-related expenses from business or rental income. Also subtract any contributions to a pension fund or retirement annuity fund, donations, depreciation and other travel allowance deduction and any exempt income. Does this mean petrol, stationery, ink rent etc.?

Can I deduct financial support for my parents from my tax?

Posted 28 August 2015

May I deduct contributions made to support my parents expenses to pay for the old age home. His pension is about half the amount of his medical aid. We are three siblings and all pay in R3,500 per month to support their stay in a one bedroom full board stay in an old age home. He contributes what he can.

Taxation on UK pension lump sum payout (Aged 55 and now reside in SA since 1 Jan 2014)

Posted 28 August 2015

I have decided to cash in my Pension Pot in the UK (I was 55 years old in 2014 and therefore can retire) - I have been paid out UK Pound amount 47843 of which tax of UK Pound 19977 was deducted. I now need to recover this tax from the UK and then submit same to SARS. My query is therefore:
1. I need to complete UK/SA double taxation form to apply for relief of income tax at source ie UK and claim back my tax
2. I need to submit??? to SARS for them to calculate tax owed by me - I would however need help with this so as to understand how much tax will be owed (would be interested to know what conversion rate will be used by SARS in the calculation)...

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