Cap on non-taxable pension fund lump sum withdrawal

Posted 2 December 2015

In the past tax year I worked for 3 companies. Got paid pension fund by 2 of those companies with total pension fund being below R20k
On the IRP5 from the company that paid outthe Pension fund there's a code 4 which I thought it meant this amount was not taxable( I understand it as meaning this amount will not add on to what I owe SARS). Submitted my tax returns and the SARS assesment has included the pension fund lump sum payment as what I owe SARS. Please advice if this is correct

Payment Periods

Posted 2 December 2015

With regard to Provisional Tax:When SARS refers to the periods 2016-01 and 2016-02 (see below) is SARS referring to the months i. E 2016-01 = January and 2016-02 as being February or are they referring to the two payment periods for Provisional Tax being February and August? Could you please explain. 5. 3 Provisional Tax Returns can only be requested for periods that fall within:
ï%u201A· The current period
ï%u201A· The current periods minus two periods
ï%u0192º Example: if the current period is 2016-01 and 2016-02, IRP6 forms can be requested for the periods 2015-02 and 2015-01. ï%u201A· The current periods plus one period...

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Tax for a full time student employed full time.

Posted 1 December 2015

Hello Tim,
If I earn R8000 per month and are registered as a full time student but also employed full time and at a permanent post at my employer what will my tax be per month?

How do I create a SARS efiling form for outstanding 2009 tax year?

Posted 1 December 2015

Upon filing my husband's tax returns for 2015, they asked for supporting documents (same as 2014) which I then submitted. After waiting for 2 weeks, I contacted SARS and they informed me that his tax return of 2009 had never been filed. He had a stroke in 2009 and after attempting to file his tax return unsuccessfully several times and not being able to get through to SARS, I presumed that it had been filed. Now 6 years later (after issuing a tax certificate of comliance earlier this year) they ...

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Will I be penalized for not filling in a tax return for last year and this current year

Posted 1 December 2015

I have been working for 2 years now, I started 3 December 2013 and I never filled in a tax return before. I only became a permanent employee 1 April 2015 and only then started contributing towards a medical aid and pension fund. I have missed the 27/11/2015 tax return deadline. I am not sure how this whole process works. Will I be penalized for not filling in a tax return for last year and this current year. I will be more than happy to pay for your services. Regards

Medical rebate not given by SARS

Posted 1 December 2015

My company paid medical premium for me for the period 1st Mar 2014 to Feb 2015. For first half of the year it was with one medical vendor and then for the second year it was with a another medical vendor. I filed my IT tax returns on time. I got an additional assessment wherein SARS has not taken one medical vendor and I stand to lose out around R5000. How should I dispute and in the notice of objection form where do I fill the exact details as it is asking for source code?

Why is it taking so long to receive the pay out, is there something I missed ?

Posted 1 December 2015

I submitted my tax return via SARS eFiling and received the ITA34 - and notifications saying that SARS owes me. I submitted the tax return on the 25th. People have been saying it takes between 2-3 days to receive a pay out and SARS sends a sms or email to say when the money will be paid. How come I have not heard anything yet?

How much will I get from a salary of R2361 in a year

Posted 1 December 2015

I want to know how long it takes to get ur income tax return and how much will it be if my salary is R2361 a month?

Tax on Loans

Posted 1 December 2015

If my brother gave me an interest free open-ended loan - what would the tax implications be?

VAT Registration in person

Posted 1 December 2015

I need to register for VAT, I have completed the VAT101 form and attached all the necessary required documents. Must I submit this myself in person or could my wife who is my bookkeeper and has Power of Attorney be able to submit my application form?

Can I get my refund even if I submitted my returns late?

Posted 1 December 2015

I submitted my tax returns late and the tax calculator showed that I have a refund. Will I still get the refund even when I submitted late?

Does Base Cost include interest over time?

Posted 1 December 2015

I am selling a rental house. Will the interest on my bond over the period of ownership be part of the base cost?

Move from a Tax Consultant

Posted 30 November 2015

I am at present using a tax consultant. How do I transfer to doing my own tax return with the help of Tax Tim?

They have all my records etc.

No IRP5 on liquidated company

Posted 30 November 2015

The company my wife has worked for has been liquidated in September 2014. She has worked for them form January 2014 until September 2014. Subsequently she hasn't received and IRP5 because of the liquidation (there is a case pending and they say that they cannot issue the IRP5 until the court has made a decision). She does however have payslips and the company did pay tax in the time period she worked for them. She also has a letter from the auditor explaining this. What do we need to do on SARS ...

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Tax on Rental Income

Posted 30 November 2015

Dear Sir/Madam

I am South African, but living and working in Kuwait. Back in Durban I own 2 properties which are rented out to tenants. Property 1 - rental income is R6200. 00 pm, monthly bond is R3500. 00, rates is R1600, monthly levy is R850. 00. Property 2 - rental income is R4500. 00, bond is R3550. 00 pm, rates is R350. 00, Levy is R700. 00. I have no other source of income in SA. Do I pay tax to SARS?

I was a registered tax payer whilst I worked in SA. But no longer....

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Does that mean I owe SARS?

Posted 30 November 2015

I received an SMS after submitted my IRP5 "said" assessment type : additional: amount Due by you: audit: N : first payment 01-01-2016 and 2nd 31-01 -2016 does that mean I should pay money?

Completion Letter

Posted 29 November 2015

I was selected for audit. I have been waiting for more than 21 days now. I received a letter yesterday in my SARS eFiling profile - completion letter what is going to happen now.

ITSA issued

Posted 29 November 2015

I lodged my tax return, and was then requested to upload supporting documents for review. Three weeks past and now there is a ITSA (statement of account) - does this mean the review has been completed?

I am a commission earner and earned R 486 342 but my tax assessment states that I owe SARS R2327719

Posted 28 November 2015

I am an estate agent, I've submit my tax returns and have received a shocking assessment of R2,327,719. 96
I earned R486 342,00 in commission from selling property. I suspect I might have made an error where I was asked about turnover and I put the value of the properties that I sold which is about R7,000,000 and am afraid SARS wants to tax me on that whereas I only received and average commission of about 5%. Kindly advise how I rectify this.

Declaring Income on IB3 (b)

Posted 28 November 2015

I HAVE A ITB3 (b) document/certificate from Nedbank for Income from Investments, Property Rights and Royalties. Where do I need to declare the interest? What source code?

Resigned 7 minths ago

Posted 27 November 2015

I resigned my job 7 months ago and received my IRP5. I don't have a job at the moment. Do I need to let SARS know that I am jobless and don't earn an income? Or will I receive a notification saying I haven't paid taxes in the last 7 months?

When can I expect the money in my account?

Posted 27 November 2015

I've submitted my tax refund on the 19th Nov and on the 23rd I went back to SARS to fix my banking details. How much time it takes for me to get the money?

Provisional Tax Payer and not a Individual

Posted 27 November 2015

I'm about to do my first tax return, I'm registered as Individual tax payer but have been doing freelance work on an invoice basis. I did not realise that in this case I would need to be registered as a provisional tax payer instead. Am I correct in saying that I should be registered as a provisional tax payer?

How do I proceed from here?
- I should have done two IRP6's and made payments. - Then I should also do a ITR12, which is then only due in January 2016
What do I do regarding the outstanding IRP6's?...

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I want to declare a new income source.

Posted 27 November 2015

I want to declare income this year for the first time. Network marketing income. I already earned it in previous tax years but did not declare it. Will this be a problem?

How do I varify banking details for a refund if I no longer live in SA

Posted 27 November 2015

SARS has requested me to varify my banking details for a tax refund, I no longer live in SA and do not have a local address. Is there some other way I can do this, I still have an bank account in SA and I am still a citizen.
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