Tax deduction from pension payout

  Written by Evan   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?

  Written by Evan   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?

  Written by Evan   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

  Written by Evan   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

  Written by Evan   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!

Tax on R25,000 interest for last year?

  Written by Evan   Posted 23 July 2015

I have earned R25,500 interest for the year 2014/15. How much tax do I pay?

What Tax is payable on Salary of R 167080 + R 44594 earned from living annuity?

  Written by Evan   Posted 22 July 2015

If I earn a salary bonus of R 167080 per year I earn R 44594 per year from a living annuity, how much tax should I have paid?

Tax at retrenchment

  Written by Evan   Posted 22 July 2015

I'm being retrenched and will be receiving a lump sum from my Provident fund and my pension fund. How do I get taxed on that? My monthly income is R25 000.00 gross.

Tax on R1,132,179.00 lump sum

  Written by Evan   Posted 21 July 2015

I am going on early retirement. I am 63 yrs old. My lumpsum is R1,132,179.00 How much tax will I pay?

When is tax payable on a five year fixed deposit with interest on expiry?

  Written by Evan   Posted 20 July 2015

If you have a fixed deposit with interest on expiry after five years, when do you pay tax on the interest?

It seems that SARS is taxing it every year on what has accrued each year, but surely this causes a cash flow issue for the investor as you are having to pay tax on something you only get in five years time? If this is the case why would anyone take interest on expiry?

Investment property disclosure

  Written by Evan   Posted 19 July 2015

I bought an investment property in the 2015 tax year. About 3 month's after registration a family member of mine lost their house due to retrenchment and I offered them my house to stay in. They do not pay rent seeing that they do not have an income.

Do I disclose this property to SARS if I'm not getting any income from it?

Do l have to submit all the receipts from the pharmacy when there was a co-payment?

  Written by Evan   Posted 19 July 2015

I manually submitted my tax return. I was identified for audit. Third time in a row.... I think its because I am a foreign national. I submitted my IRP5, medical aid tax certificate and retirement annuity.

My question is do l have to submit all the receipts from the pharmacy when there was a co-payment? Or is my medical aid tax certificate enough?

Was taxed after my divorce settlement, is it legal if I am a non-member?

  Written by Evan   Posted 17 July 2015

I received a pension settlement from divorce from my ex husband. I was taxed but I'm not a member of his pension. Is it legal?

Medical expense claims, for wife dependent on me to pay her subscriptions

  Written by Evan   Posted 17 July 2015

When I got married five years ago my wife was not a member of a medical scheme and I got her to join a scheme, not the one I belong to as it was too expensive. I pay the subscriptions, monthly via a debit order on my cheque account. Also she is financially dependent on me. Can I claim her medical expenses on my tax submission? I am over 65 years old.

Completed Tax Return for year, owe SARS

  Written by Evan   Posted 16 July 2015

Was hoping you can assist filed my tax return yesterday and SARS is basically stating that I owe them R10,000 within in a year, I know this is untrue as every month I have been paying tax. I was a contractor for the last 10 months. Please advise if you able to assist as my tax return has already been submitted.

Tax directive issued but error says "Lump sum declared but directive outstanding"

  Written by Evan   Posted 16 July 2015

I was retrenched in 2014 (May)... The company had a tax directive issued and I have a copy of the directive. In my SARS e-Filing profile, when I open up the tax return, the full provident fund lump sum is declared and indo completed - WITH the correct tax directive number in the "directive" section for the lump sum. However, when I save and CALCULATE, it tax returns a message saying:

"9857 - LUMP SUM DECLARED BUT DIRECTIVE OUTSTANDING"

Please help - not sure why this messa...

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Personal Asset & Liability list needed?

  Written by Evan   Posted 15 July 2015

Why must I submit a Personal Asset & Liability List for my Tax consultant this year?

Retirement anuity and withdrawal tax implications

  Written by Evan   Posted 15 July 2015

I just resigned and I want to transfer R150,000 to my retirement annuity and withdraw the R130,000 as cash. What are the tax implication in doing this?

Penalties for not submitting tax for pension payout

  Written by Evan   Posted 15 July 2015

Hi Tim, I received pension payout from divorce settlement in 2014. SARS deducted their share. I didn't submit IRP5 last year. My question is, the money is now finish. Will SARS penalise me if I submit this year? I am working but my income is below the threshold.

Please explain why a person that is 65 or more pays less tax

  Written by Evan   Posted 15 July 2015

Why a person that is 65 or more allowed to pay less tax?

Retired British national now resident in S.Africa

  Written by Evan   Posted 14 July 2015

Hi, I am a permanent resident in S. Africa since my retirement. The only income I have is my British state pension. Do I need to register with SARS in SA? Thanks.

When does one have to submit a tax return? Just started my first job

  Written by Evan   Posted 14 July 2015

I've just started my first job as a finance intern and I earn R120 000 p/a. I do not have medical aid, I only have a pension fund, UIF and a union levy. I want to know if I should also register for SARS eFilling to submit my tax return. When does one have to submit a tax return?

How much per month can I pay for additional pension fund (tax code 4002)?

  Written by Evan   Posted 14 July 2015

What is the threshold on tax code 4002?

Time frame for refund after submitting documents for review

  Written by Evan   Posted 13 July 2015

Awesome service - well done on this easy to follow and easy to understand website!

I have completed my tax return on the 2nd of July. I then received an IT34 Assessment which stated that my tax will be verified. I submitted the Medical aid and Retirement Annuity tax certificates as support documentation since these were the only ones I received. In my tax return my IRP5's was already logged - I did not receive any other ones I only have the three in total and they were on my form already...

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Confuse to being taxed so much and not getting anything back from provident

  Written by Evan   Posted 13 July 2015

Why don't I get a tax refund from my provident fund seeing that I'm still unemployed my fund is @ R132300 I get taxed R19000 on it and what do I get back?
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