Which tax rates apply to lump sum withdrawal after transfer from provident to preservation fund

Posted 29 July 2015

I'm over 55 years of age and was retrenched at the end of March 2015. Following retrenchment I chose to transfer my provident fund to a preservation fund. Now, four months later, I'd like to withdraw the full benefit (more than R1 050 000) as a lump sum from the preservation fund. Will I still be taxed for the lump sum withdrawal as a retrenched person (i. E involuntary termination of employment) or will I now incur the higher rates applicable to persons who terminate employment voluntar...

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Treatment of legal costs in CCMA

Posted 29 July 2015

Was unfairly dismissed and at CCMA employer agreed to retrench me. I received the correct tax directive. How do I claim the legal costs incurred to fight my employer? I am unemployment but received rental income from my properties during the tax year.

What tax do you pay for lump sum before pension if you are retrenched?

Posted 29 July 2015

I am getting a retrenchment package. I am under 55 what tax will I pay on my pension R300,000 if I get it paid out?

How much post-tax funds will I have after retrenchment?

Posted 29 July 2015

How much tax will I pay on R1,030,935 severance package due to retrenchment? This excludes my provident fund, which I will move to a preservation fund or RA.

Transfer of funds between RAFs

Posted 29 July 2015

I transferred funds between Retirement Annuity Funds during the course of the year. An IRP5 has been issued by the old fund. Is there any deduction that can be claimed as the funds were transferred directly into another RA and not to myself?

Is there a tax return on pension fund resignation?

Posted 29 July 2015

I resigned in October 2013 and a certain percentage tax was deducted. I was never able to claim any return from this. Am I not supposed to get a tax return from my pension money?

Do I have to enter my IT3A certificates manually on my tax return?

Posted 29 July 2015

Hi, I transferred my entire provident fund into a retirement fund & a preservation fund. I received 2 IT3A certificates from the administrator indicating the amounts sent to the fund groups. These certificates do not come up automatically on my tax return, do I have to type them in manually or are these documents just indicating what has gone to the funds and I don't have to worry to put anything on my tax return?

One entry for 3698?

Posted 29 July 2015

For the section:

Please enter the amount for "Gross Non-retirement funding income" - source code 3698. It only gives space for one entry, I have two forms from two employers. Must I combine the amount or?

Thx

Directives - issues with SARS.

Posted 29 July 2015

I have already submitted but sars couldn't calculate because of directives did my employers not supply sars with directives by the time they retrench me. I need assistant please.

Investment return tax

Posted 28 July 2015

How much tax will I pay for my investment returns?

Where on the tax return do I put in my retirement annuity?

Posted 28 July 2015

I have received my tax certificates from my financial institution. Where do I put the figures down in my tax return for retirement?

Do I qualify for return on the tax I paid?

Posted 28 July 2015

I was retenched in 2013 January and collected my provident funds in 2014. I collected R50,000, total was R80,000 and paid tax of R30,000. Do I qualify for a return?

How do I de-register as a Provisional Tax payer?

Posted 28 July 2015

I am registered a Provisional Tax payer, but I am now retired and will not earn enough to pay provisional tax any more. Do I have to de-register or can I simply stop doing provisional returns? The last one showed zero tax due.

Is the widow`s pension suppose to be taxed?

Posted 28 July 2015

I always told that I am owing SARS because of my widow pension, can you advice because SARS does not know how much must be taxed from my widow`s pension as is not enough to be taxed.

Claiming for elderly dependants medical aid contributions - Supporting documents

Posted 28 July 2015

My parents are both pensioners and dependent on me financially. I pay for their medical aid, while I am on another medical aid. I have included both medical aids on my tax return, with the appropriate number on dependents noted every month.

SARS has asked for supporting documents to be submitted. I submitted: yearly contribution summaries from both medical aids, monthly invoices from my parent's medical aid addressed to me with my bank account details on them, debit order statement from my bank showing both being deducted every month as well as a covering letter explaining the situation. ...

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Are contributions towards GEMS and the GEPF tax deductible for government employees?

Posted 28 July 2015

Are contributions towards GEMS and the GEPF tax deductible for government employees?

Income protection policy contributions

Posted 26 July 2015

I have contributions to an income protection policy. The policy belongs to my employer due to the fact that we used be on basic plus benefits but we have now moved over to cost to company. Are these contributions deductible by myself or not. If not what code should they be under in my IRP5?

How much tax due?

Posted 25 July 2015

My mother in law is a 94 year old railways pensioner and wants to know if she must pay tax?

Must I complete a provisional tax return?

Posted 25 July 2015

Hi my husband and I are married in community of property and our rental house is in both our names. The income generated is R72,000 k per annum. I am 64 yrs old and complete a separate tax return as I also receive a pension of R5700 pm. My husband is still employed and earning a salary
We have been completing provisional tax returns for a number of years now. Must both my husband and I complete provisional tax returns?

Percentage tax on provident fund

Posted 25 July 2015

How much deductions on provident fund of R61,000?

Tax deduction from pension payout

Posted 25 July 2015

I have been employed since 1992. I took a departmental transfer to SAPS in 1995. I did not receive my pension paid from 1992 so I have 23 years service. I want to resign end October 2015. The sum to be paid is R125,9374.40. How much will I be taxed and how much will I get out after tax?

Doing tax return for first time - what do I need?

Posted 24 July 2015

What kind of information is required to do a tax return for the first time?

Why is my home office selected for verification second year in a row?

Posted 23 July 2015

I work from my home office as a graphic designer. My annual income is under R500 000. This is the second year in a row I've been selected for verification. Any idea why and what does it mean? What should I be doing differently to prevent being flagged? Is it a reflection I'm doing something wrong?

How much tax of R763,143 on resignation

Posted 23 July 2015

I work for a parastatal company for eleven years. I have resigned with a package of R763,143. Kindly help me to know how much will I be taxed.

Home office, and tax expense deductions

Posted 23 July 2015

I have two questions:

1. Under what circumstances can one claim "home office" deductions (code 4028)? And what items can one claim?

2. What can one claim a deduction for under code 4043 "allowable accountancy expense"? (Eg. If a tax practitioner filed our tax return last year, would be able to claim that expense?)

Thank you!
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