Tax on Fixed Deposits

  Written by Marc   Posted 23 June 2015

I am currently saving for a house, so I am investing in a 3 month Fixed Deposit (I want to avoid equity risk for now). I earn approximately 6% pa. What is the limit of Interest Earn that is exempt from tax? If I change the investment term to 1 year, starting 01 June 2015, the investment matures on the 01 June 2016. Do I pay tax on these returns in the 2015 tax year?

What is my tax liability on my pension fund resignation benefit? how do I calculate this on TaxTim?

  Written by Marc   Posted 23 June 2015

I would like to find out how much tax will I be liable for when I cash my pension fund once I resign. The resignation benefit is currently R352 026. How do I calculate this on your website?

UK pension on eFiling - how does it affect my South African taxes?

  Written by Marc   Posted 23 June 2015

Do pensions from England, paid in £ and liable for tax in the UK, need to be returned on my South African, eFiling return and where.

Tax residency

  Written by Marc   Posted 23 June 2015

In answer to a question I asked a few months ago regarding tax residency, you told me if I was relocating to RSA that I could delay becoming a tax resident of RSA for something like five years. I have permanent residency. Could you direct me to the relevant SARS literature. Thanks

Peter

RA transferr versus taxable income

  Written by Marc   Posted 23 June 2015

Hi Tim,

Last year up to July I was paying into an RA with Provider A. I then transferred this to another RA provider B. An amount of R109k was transferred to the new RA after a few deductions. I received a tax doc from Provider A for my contributions up to July. I also received a tax doc for my contributions from new Provider B. However I have just received a tax doc from Provider A stipulating the amount paid out (R109k) and logged against code 3698. This looks like I earned this am...

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Why tax should be done?

  Written by Marc   Posted 23 June 2015

I've just started my first official Job last month. What do I need to do to prep for my next tax return. How does it work and what is the benefits? Im CLUELESS

How much percentage tax should I pay if i'm getting paid R141 000 pension fund money?

  Written by Marc   Posted 23 June 2015

How much tax should I be paying if i'm resigning and getting pension fund money of R141 000?

Investing money at the bank and earning interest and the tax implications thereof?

  Written by Marc   Posted 23 June 2015

I want to set up an investment at the bank and earn interest on a monthly basis on it. I did some research and I found that I need to register for Provisional Tax at SARS in order to do this. I found out that 2-3 times per annum I would be required to make a payment to SARS on the interest I earn. My question is: Firstly, I would like to budget so I would like to know what percentage will SARS deduct monthly on my interest earned,and secondly,will they tax me monthly in this case or 2-3 times pe...

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What is the benefit of a retirement annuity?

  Written by Marc   Posted 23 June 2015

What are the benefits of a retirement annuity in both the short term and the long term and would you recommend taking one out?

How to handle medical aid contributions paid by companys for ex employees(over 65).

  Written by Marc   Posted 23 June 2015

I am a pensioner, over 65, and my ex company contributes 50% of subscription to my medical aid. In response to my query to them if they would issue me with an IRP5 certificate covering their portion for me to declare as income I received this reply: Company medical aid contributions paid to ex employees will not be regarded as income in the hands of the ex employees and confirmed to me that medical aid contributions paid to former employees will not be taxed. There is therefore no need to issue ...

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Is everbody entitled to R500 000 tax free amount on retirement funds

  Written by Marc   Posted 23 June 2015

I have retired at the end of December 2007. At that time the tax free amount was R300 000. Since that time the tax free amount was increased to R500 000. I have a retirement annuity which is due to pay out soon. The 1/3 lump sum which I intend to take is R46 000, Will tax be deducted from the lump sum amount or will it be tax free?

Can I earn a salary on a retirement visa??

  Written by Marc   Posted 23 June 2015

Good Day, if I am from the UK and I am on a retirement visa in SA, and I have bought into a business, is it legal to earn a salary? I am a director of the business. If I am allowed to earn a salary, then must I pay the tax considering what visa status I'm on. If I pay it into my wife's account who is a SA citizen, will that be construed as tax evasion?

Is it necessary to register company for VAT

  Written by Marc   Posted 23 June 2015

I am in the prcess of starting my own company. The planned income per month will be 65 000 to 70 000 and payments around 35 000. A small company. Is it necessary to register for VAT or will I still be under the threshold?

Do I have to wait for my IRP5 from my employer?

  Written by Marc   Posted 23 June 2015

Do I have to wait for my IRP5 before I can fill in the details?

Tax on extra income

  Written by Marc   Posted 24 May 2015

I am a widower earning a monthly salary of R5500 p/m and have a fixed widow's pension - R5500. 00 p/m. Every year I get taxed and have to pay back - Is there any way I am doing something wrong that they tax me to pay back - R10000. 00 per year on assessment?

Deduction for SARS tax returns?

  Written by Marc   Posted 24 May 2015

For my deductions what documents do I need to have all ready

medical aid contributions
RA/provident fund contributions
invoices for any Cell/laptop/equipment required for work that was not remunerated back to me

and what else ?

I have a RA with Discovery of R16k, how much tax back can I expect?

  Written by Marc   Posted 24 May 2015

I have a RA with Discovery of R16k, how much tax back can I expect?

Why they can't give you all tax return if u applied

  Written by Marc   Posted 24 May 2015

I want to know that is right time to submit IRP5 and I want to know about the money that was from pension fund for my previous companies can get also to my tax return for this year?

Pensioner, 67y of age-i.t.o 2015 tax year- Calaculation of med aid contributions and deductions?

  Written by Marc   Posted 24 May 2015

I am 67 years of age and a pensioner. In terms of the 2015 tax year how is the deduction in terms of Medical Aid contributions been calculated. Example:
Annual contributions to my medical aid fund = R24,000
Med expenses (Dr precriptions) paid out of my pocket = R2000
Previously in terms of my age above 65y, I have deducted my med. Contributions premiums, as well as my med expenses paid out of my pocket(prescriptions) as well as med expenses paid by myself and reflected on my medic...

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Transfer of benefits from one fund to another

  Written by Marc   Posted 24 May 2015

I resigned from my previous employer in 2006 and defer my pension at ABC Pension Fund. I join a new employer and contributed to their pension fund, XYZ Pension Fund. I am now 56 years old and want to resign from my current employer to do voluntary community work. Can the withdrawal benefit from XYZ Pension Fund be transferred to my deferred pension at ABC Pension Fund tax-free, as I don't want to go on retirement before I am 60.

Tax calculation on retirement?

  Written by Marc   Posted 24 May 2015

I intend to retire at 44, and lump sum is about R719000. How much tax am I to pay?

GEPF options to minimize tax?

  Written by Marc   Posted 24 May 2015

I am resigning from the GEPF. I have two options either transferring to a preservation fund or having the money transferred into my bank account. What are the benefits of the two methods in terms of the tax that I will pay

Taxed 199999 from provident fund how much will I get?

  Written by Marc   Posted 17 May 2015

How much will I get from SARS after been taxed R199999 from my rovident fund

Approved I'll health retirement

  Written by Marc   Posted 17 May 2015

If I am going on early I'll health retirement and I am disabled, is my lumpsum still taxable?

How do rebates work?

  Written by Marc   Posted 17 May 2015

I have started a new job and have been told my salary will be R7000 a month, on top of this, they are saying that I am going to be taxed 18% per month. I am just a bit confused. . This seems very high for such a small salary. . . And then there comes the topic of rebates. I have been told that at the end of the tax year I can claim this back? But this is all going over my head, can you please confirm that the 18% a month tax is correct (i do not have any medical aid, retirement funds etc) and th...

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