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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Can I deduct this?

  Written by Marc   Posted 2 July 2015

I am a salaried employee working in the private sector. I pay PPS (Professional Provident Society) for income protection. Can I claim this off tax?

WHY AM I OWING SARS THOUSANDS EVERYTIME I SUBMIT BUT HAVE NO BUSINESS?

  Written by Marc   Posted 2 July 2015

I AM A GOVERNMENT EMPLOYEE SO TAX IS ALWAYS DEDUCTED FROM MY SALARY I ALSO HAVE EXTRA INCOME FROM MY LATE HUSBANDS PENSION FUNDS ALSO TAX IS DEDUCTED THERE BUT ALWAYS I'M OWING THEM THOUSANDS OF RANDS EVERY TIME. WHY? I DON'T UNDERSTAND BECAUSE I'M ALWAYS SUBMITTING

How much tax will I pay on R500 000 pension I m 42 years old?

  Written by Marc   Posted 2 July 2015

I am 42 and I worked for 8 years in the public service I m expecting a resignation pension of about R500 000, 00 (five hundred thousand). How much tax will I pay?

Medical aid refund but had no income in 2015

  Written by Evan   Posted 2 July 2015

I had no income for 2015 tax year, but paid medical aid for 8 months plus extra out-of-pocket medical expenses. Am I entitled to some money back from SARS? I am 57 years old.

Allocation of PPS on the tax return

  Written by Evan   Posted 2 July 2015

Where do you allocate PPS Loss of income on the tax return?

Tax returns on provident fund

  Written by Evan   Posted 2 July 2015

Hi, I would like to know is it possible to claim tax returns on your provident fund that was payed out as a lump sum and where to start?

Documents required for tax returns at SARS

  Written by Evan   Posted 2 July 2015

What do I carry along when I am going to SARS?

RA contribution refunds

  Written by Evan   Posted 1 July 2015

I have done a calculation of my assessment. I was under the impression I will get all my RA contributions back as a refund but I did not. Is this correct? And my extra medical expenses, where do they go?

Clarity on pension lump sum

  Written by Evan   Posted 1 July 2015

I took a lump sum of my pension. Will I get money back?

Unpaid Provident Fund pay out, how to add to Tax return?

  Written by Marc   Posted 1 July 2015

I received an unpaid outstanding provident fund pay out from my previous employer in the last financial year. However, I left this employer 5 years ago. I have received a tax certificate. Do I include this in my current tax return and add the amount to my current non retirement income as per the income code?

Tax on Medical Aid

  Written by Marc   Posted 1 July 2015

I currently work for a company where the medical aid is paid in full by the business, however my tax is killing my net. I work on a gross of R29 537. 08 PM but only net R20 042. 21 which means I am paying almost R10000 a month in tax. According to my company, they say nothing can be done to reduce the monthly tax as it would be unlawful. I want to find out if that is true or if anything can be done to help the situation?

Lumpsum tax

  Written by Marc   Posted 1 July 2015

I am going on early pension and comuted one third as a lump sum payout. What tax will I pay.

3 X IRP5's, JOB CHANGES, SARS REFUND?

  Written by Marc   Posted 29 June 2015

I have resigned from a job "A" and started a new job at "B", things did not work out as planned at "B" and I ended up returning to my old job at "A" after 6 months, I now have 3 IRP5's for tax year 14/15. Does SARS combine all (gross non retirement income) and (paye) tax from all 3 IRP5's and calculate a return amount from the totals. In other words " reflects on IRP5 non retirement income paye paid
...

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Calculation of gross retirement funding on my IRP5?

  Written by Marc   Posted 29 June 2015

How is my gross retirement funding income of my IRP5 calculated if I joined the pension fund during the lat month of the tax year?

Are pensioners over 75 years still liable for provisional tax?

  Written by Marc   Posted 29 June 2015

If you are over 75 years of age must you still submit provisional tax returns despite your income being over the tax ceiling and your interest earnings over R30,000?

Should the company contributions be omitted on the IRP5 if you have resigned?

  Written by Marc   Posted 29 June 2015

I resigned in March this year (2015) and decided to withdraw my provident fund and reinvest it elsewhere. However, I received my IRP5 from my previous employer without the contributions that was made by the company for my provident fund for the last financial year (Feb 2014-Feb 2015). Is this correct? Should they leave it out because I withdrew my provident fund this year? Does it still affect last financial years contributions? Or should it still reflect the contributions for last financia...

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IT3b - tax refund

  Written by Marc   Posted 29 June 2015

How does IT3b from banks affect my returns especially when I have a debit interest?

How much is taxed and how much is tax free?

  Written by Marc   Posted 29 June 2015

My resignation benefits is R318,912 before tax, how much am I gonna get post tax?

Lump Sum Withdrawal Tax?

  Written by Marc   Posted 29 June 2015

Hi, If one has taken a lump sump withdrawal, and tax was paid on the lump sum amount, can the lump sum be included in the tax paid (ie on top of PAYE)

Retirement tax free?

  Written by Marc   Posted 25 June 2015

I retired in 2012 when the tax free tables for retirement was at 315 000 I now have a retirement annuity that matures in 2015. The 2015 tax tables say that I should have an additional 185000 available to me? is this true?

How do I determine my annual RA contribution?

  Written by Marc   Posted 25 June 2015

If I started two RAs last year, one in Aug (R1000) and the other in Nov (R1000), what should I enter as my monthly/annual RA contribution total since neither was for the full 12 months?

Tax deduction on R911 968 pension benefit should I resign?

  Written by Marc   Posted 24 June 2015

I am planning to resign with effect from 1 June 2016. Currently my pension fund benefits stands a R911968. 00. How much tax will I pay?

MEDICAL TAX CREDIT CALCULATION

  Written by Marc   Posted 24 June 2015

SARS Website quotes the following as an explanation for Medical Tax Credits in 2015 : "An individual who is 65 and older, or if that person, his or her spouse or child is a person with a disability, 33. 3% of qualifying medical expenses paid and borne by the individual and an amount by which medical scheme contributions paid by the individual exceed 3 times the medical scheme fees tax credits for the tax year" My annual medical aid contribution is R11 684 My Tax Credit is for myself and my wif...

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Medical tax credits?

  Written by Marc   Posted 24 June 2015

I am aged 70 retired but working again,, earn less than R11K a month, pay my own medical aid for myself and spouse. . Have no company perks. . Have always got my full paye refunded to me each year. However. I do not understand how the medical credit will affect the situation as from this year? I do not have the tax deduction of R257 for myself and the same amount for my wife as I pay our contributions by debit order each month. Would I still be refunded by SARS, or how does the medical tax credi...

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