Tax on interest-only source income

  Written by Evan   Posted 10 July 2015

If your only source of income is from interest, how is tax calculated?

SARS Refund is a large amount of money. Why and how?

  Written by Evan   Posted 10 July 2015

Hi

I just completed my tax return and my ITA34 (whatever it's called) showed an amount of R15 000 is refundable to me. Of course, SARS requested proof of documentation; I only uploaded my Retirement Tax Certificate and Medical Aid Tax Certificate - are there any other forms outstanding?

My question is: Why would I be (hopefully) receiving so much money? I started a new position (meaning higher salary and position upgrade) in September 2014 - could this have an impact?

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Never claimed for a tax refund before, is it possible to get refunds for every year since I worked?

  Written by Evan   Posted 10 July 2015

I have never claimed for a tax refund ever since I started working, so I need clarity on whether I can claim for every year since I have been employed, I have all my IRP5's, and I'm not so sure if I will get a return on some of them. So I need to know if it is possible that I do not get a tax refund, I pay medical aid, UIF, Provident fund etc. I am actually afraid that I will pay you guys and not get anything in return. Your response will be highly appreciated. Thank You.

Monies paid out in tax year 2015/2016 being declared in the 2014/2015 tax year

  Written by Evan   Posted 10 July 2015

I retired at the end of February 2015. My Medical Aid contribution was paid by my company for the tax year 1 March 2014 to 28 Feb 2015.
The company also paid for March, April and May 2015 and have added this amount onto my IRP 5 source code 3810 for the 2014/2015 tax year. Should these months value, which fall in the 2015/2016 tax year not be declared in the tax year they were paid?

Sequestration - how to submit details to two returns

  Written by Evan   Posted 10 July 2015

I was sequestrated in June 2014 and applied for a new tax reference. How do I submit my medical aid and RA contributions as I have to tax returns to complete:

Supply the same information on both tax returns and SARS figures out the rest?
Or do I have to request new tax certificates and have the institutions split the contributions for each of the tax references / periods?

Company Contribution to a Provident Fund

  Written by Evan   Posted 10 July 2015

How do we handle company contribution to a provident fund? Do we reflect this in the provident section of the tax return?

How are provident funds taxed due to retrenchment

  Written by Evan   Posted 10 July 2015

I was retrenched last year. Initially it was a dismissal but I won the case at CCMA and the dismissal was changed to retrenchment as the position was no longer available on the organisational structure. How was the provident fund supposed to be taxed?

Why am I being audited when all my income, deductions and benefits are reflected on my IRP5?

  Written by Evan   Posted 10 July 2015

Hi Tim;

I recently completed and sent my tax return via SARS eFiling. I was selected for auditing and asked to provide supporting documents. I have nothing complicated going-on: I earn income only from my employer. All my benefits and deductions with respect to retirement fund and medical aid are all reflected on my IRP5 i.e. I don't have a personal retirement annuity or medical aid scheme outside of those in my salary package; as reflected on my IRP5. So what could be the problem?
...

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How long after submitting supporting documents should you get your refund?

  Written by Evan   Posted 10 July 2015

My tax return is done by a tax consultant. He's been doing my tax for years without any problems. This year he submitted my tax return, and informed me that SARS asked for supporting documents. I only have my IRP5, RA and one income protection policy (that I am not even sure makes a difference). All this was submitted last week, and I have not heard anything since. How long does it take on average to review these documents?

My IRP5 seems to exclude some of my deductions - how will this affect my tax return?

  Written by Evan   Posted 10 July 2015

Deductions for my medical and pension fund reflect on my monthly pay slip but not on my IRP5 - will this affect my tax return as these were not included?

Living overseas and claiming expenses

  Written by Evan   Posted 10 July 2015

If I've emigrated but still receive my monthly annuity from pension / retirement fund can I claim for medical expenses paid for overseas, no medical aid in RSA any more, when submitting my annual tax return. Does tax paid on pension get much back?

Severance Pay Tax

  Written by Evan   Posted 10 July 2015

Last year I was retrenched, took the package, and was told that the severance piece was tax free, as it was way below the R500k, just under R40k, got a directive.

Now looking to do my tax return, the amount shows under income (source code: 3901) adding it to my income, however as I was not taxed on it when it was paid, it appears to SARS that I didn't pay the tax then. So now it looks like SARS is asking me for the tax on that amount, as my prelim calculations is saying I must pay in close on R4000?...

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Unsure about source codes 3697 and 3698

  Written by Evan   Posted 8 July 2015

If I have the below amounts on my IRP 5:

75,000. 00 - 3601
90,610. 00 - 3616

Would it fall under the following codes on my IRP 5 if the company does not deduct any retirement benefits bearing in mind that I was first a contractor from Mar - Aug.

75,000. 00 - 3697
90,610. 00 - 3698

Does these codes get taxed differently?

Medical tax credit if I am sponsoring my Mom's medical aid?

  Written by Evan   Posted 7 July 2015

I am an employed person and have no trouble doing my tax return with SARS e-filing. What I would like to know is the following: Since October 2013 I have been paying my Mom's medical aid, she is a 70 year old pensioner (state pension grant) and not registered for tax. She is not on my medical aid as it is more affordable to have a separate medical aid for her.

This year she received a tax certificate from her medical aid. Is there any way in which I can claim for her medical aid cont...

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Out of Pocket Medical Expenses

  Written by Evan   Posted 7 July 2015

My Mom is in her late 80s and stays in her own suite in a retirement home and during the day she is independent. However at night she gets confused and therefore stays in the clinic section of the retirement home where she is monitored by qualified nursing sisters or staff nurses. The charge for the overnight stay in the clinic is added to her monthly account. As she is being looked after by qualified nurses at night can she claim this amount as an out of pocket medical expense?

Unemployed - tax on providend fund payout

  Written by Evan   Posted 7 July 2015

I've resigned last year, received my provident fund. On my paper it stated on my employees tax deduction - non-refund PAYE. What does that mean?

Tax on a voluntary retrenchment?

  Written by Evan   Posted 7 July 2015

How do I work out the tax on a VOLUNTARY retrenchment?

Will SARS payout the same amount of my provident fund?

  Written by Evan   Posted 7 July 2015

Hi I just want to know, I received a lump sum pay-out from my provident fund and then received a IRP5 to submit to SARS, just wanted to know if the same amount will be paid out to me by SARS again.

Can I do a tax return on the money I've been taxed on last year September for provident fund?

  Written by Evan   Posted 6 July 2015

Hi, I got my provident fund last year in September 2014 from Alexander Forbes and I got a tax certificate from them. Can I do a tax return on the money that SARS taxed me on?

Tax Code 4006 is less than I supplied, it seems limited

  Written by Evan   Posted 6 July 2015

Good day,

I completed my tax using efiling but the amount that I am inputting in the SARS code 4006 is showing a lesser amount on the calculated tax result. Is there a reason why amount is being lowered on the calculated result? I supplied an amount of R25000 on the Efiling form and on the Calculate Tax result shows R7700.

What can be claimed in case of a second property bought in the current tax year?

  Written by Evan   Posted 6 July 2015

Hi Tim,
I bought a flat in April 2014, which is rented out to students to supplement my income once I retire. What can I claim from SARS for the tax year ending February 2015, i. E. Transfer costs, bond repayment, levies, municipal services, maintenance, security upgrades? Your advice will be appreciated.

Employed Commission Earner and Investor - Where do I stand?

  Written by Evan   Posted 5 July 2015

Hello

I am hoping you can help. A few things:

My retirement annuity reflects as code 3697 on my payslip. Is this normal, does it count the same as 4002?

I receive a car allowance, but my vehicle installments, insurance and petrol costs me more, is there a smarter way of doing this?

More than 50% of my salary was commission from a single employer this year. Can I still claim fuel,l insurance and depreciation although I have a car allowance? What other expenses can I legitimately claim (i.e entertainment, networking meetings etc. ) Can I claim for expenses my company have re-imbursed me for?...

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My employer CC closed. Where do I get my IRP5?

  Written by Evan   Posted 5 July 2015

Hi Tim. I was the bookkeeper for a cc until end Jan 2015 when they closed doors. The only member passed away in Dec 2014 with no will.

I have contacted the attorneys who will be dealing with his estate to ask them for my IRP5. Their response was that they have been waiting for 4 months to be appointed as executors and do not know when they will be appointed.

How do I submit my tax return this year? I went to SARS with payslips and bank statements and they advised that the...

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Treatment of dividends on IRP5

  Written by Evan   Posted 4 July 2015

I am retired and received dividends from my company. Would that reflect in my IRP5?

Should there be amounts for source codes 4005 and 4006 if there are no employer contributions?

  Written by Evan   Posted 3 July 2015

I pay my own medical aid premiums every month, as well as contributing to my own retirement annuity. However, on my IRP5 from a former employer I do have amounts for source codes 4005 and 4006. I only worked for this particular employer for just over two months, and it appears that the full amounts for my medical aid and RA are included in this section of my IRP5.

Is this an error? To be clear: the employer did not make ANY contribution to my medical aid or retirement annuity. And if ...

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