Tax enquiry on lump sums?

  Written by Marc   Posted 17 March 2015

I am retiring this year on age 63 My lump sum will be R1 132 179 - How much tax will be deducted?

How does contributing 100% to provident fund to employees impact the company?

  Written by Marc   Posted 16 March 2015

What impact does the employer experience when they contribute 100% provident fund for employees?

Does employee contribution attract tax upon withdrawal before retirement?

  Written by Marc   Posted 13 March 2015

Upon withdrawal of provident benefits before retirement, does employee portion/contribution attract tax?

What tax cert is issued when a transfer is issued?

  Written by Marc   Posted 13 March 2015

What tax certificate is issued when you do a transfer from financial institute to another for money that is taxable? E. G from one linked annuity to another linked annuity? Is a cert needed? NB the trf is due to a death claim and money going to beneficiary. . .

Am I correct in what I propose doing?

  Written by Marc   Posted 2 March 2015

I have dual citizenship. I have resided in the UK for the last 5 years with my children. Income from living annuity is being limited to 3%. I plan to sell my shares over 8 years and remit the proceeds together with the annuity to cover my living expenses and then increase my annuity to cover future shortfalls on my living expenses. I am 75 years old. My intention is to keep my taxable income below the tax threshold. I pay 15% WHT on dividends. I earn no income from any other source in South Afr...

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In terms of a divorce summons, what will be taxable if the lump sum pension totals R1 800 000?

  Written by Marc   Posted 2 March 2015

In terms of a divorce summons, what will be taxable if the lump sum pension totals R1 800 000?

Classification of income for contract employment and permissible deductions.

  Written by Marc   Posted 27 February 2015

Hello. I work for a company where I was previously employed full time before I relocated. Now I work on a contract basis (contract renewable annually) performing tasks previously in my job description from a home office which I furnish, equip and maintain myself. I work unsupervised and submit an invoice monthly for a set number of hours worked and am paid an hourly rate. As this is my only income, the company deducts PAYE, but I pay for medical aid, retirement annuities and income protection pr...

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I am 65 can I claim all my medical contributions from SARS?

  Written by Marc   Posted 26 February 2015

I am 65 can I claim all my medical contributions from SARS for tax purposes?

What is fsp purpose in relation to tax and pension funds

  Written by Marc   Posted 18 February 2015

Can FSP help with tax matters and pension funds payout. Are they helpful or just another daylight robbers?

Medical deduction 2015

  Written by Marc   Posted 17 February 2015

Can you please tell me what will happen when I am older than 65 and have no medical aid, but do have medical expenses. What will my deduction be for the 2015 tax year if my other medical expenses R36 000 and taxable income R 350 000?

IT3a When do I recieve it.

  Written by Marc   Posted 16 February 2015

When do I receive a IT 3a to declare the income at the end of Tax year.

RA - not full tax year

  Written by Marc   Posted 12 February 2015

How do I enter my RA amount if I've only been contributing for the last few months of the tax year, ie from 1 November? Would I enter the total of the monthly amount paid in the year section?

Tax calculation on cost to company package of R 988 152

  Written by Marc   Posted 9 February 2015

I am 43 and I earn per month a gross of R71 805, with a contribution of R3705. 15 as my contribution towards my pension. I have made provision for payment of my bonus as at my birth date which is 03 August of every year with the option the tax thereof recurring. What should be take home after tax, put differently, what should I be contributing as my tax on a monthly basis?

I started with my new employer on 01 October 2014, does a start date have an effect on my tax contributions, if s...

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Retirement lump sum withdrawal benefits

  Written by Marc   Posted 7 February 2015

How would you tax a retirement lump sum withdrawal benefit? How would you calculate deduct this retirement lump sum withdrawal benefit in your tax calculation for an individual, if the individual only gets a members salary and retirement lump sum withdrawal benefit? Lastly how would you enter such information into income tax return ITR12/14?

Why do I pay high tax on a little salary?

  Written by Marc   Posted 6 February 2015

I'm an educator who earns about 20k gross salary and I'm also earning my late husbands annuity income of 10k pm, but whenever I go to SARS to submit my returns it turns out that I owe them a lot of money because in 2013 I paid 28k and now they want 31k so I need help as I dont understand how it gets to that high amount every year.

Tax on interest income?

  Written by Marc   Posted 6 February 2015

What is minimum amount of interest income that is non taxable. Also where is taxable interest reflected on the return?

Tax penalty on fund payout?

  Written by Marc   Posted 4 February 2015

I'm currently waiting for my provident fund money payout, but i'm owing SARS 20 thousand rand, so are they gonna take their money from provident or they will wait for me to pay it?

Where does RA go on my Provisional Tax Return?

  Written by Marc   Posted 3 February 2015

Where do I claim for RA (retirement annuity contribution) on my provisional tax return - IRP6. Please help

Tax if I am paying my medical aid fully on my own?

  Written by Marc   Posted 3 February 2015

I've recently started a new job where I now contribute fully to my medical aid and retirement annuity. How will this affect my monthly tax contributions?

Pension Fund Payout pre-retirement for tax purposes?

  Written by Marc   Posted 30 January 2015

I am 32 years old and have recently resigned (from a government department). I would like to withdraw my pension, but as part of this can either have it paid out to me (and taxed), or transferred to an RA fund. What are the tax implications for me on payout, considering I pay tax on my salary and business income, and am thus on a relatively high rate?

Tax refund on inheritance

  Written by Marc   Posted 28 January 2015

My partner inherited some money (from policies and investments) over the last financial year and paid a lot of tax on the payments. My question is, because he is not employed, can he claim any of the tax back?

What are the implications of self funding benefits such as life cover, disability, med aid etc?

  Written by Marc   Posted 28 January 2015

What are the tax implications of self funding benefits such as group life cover, disability cover, medical aid and retirement funding compared to when these benefits are funded in full. Partially by a company. Would my earnings or tax benefits be less or more?

How much will be deducted for tax purposes?

  Written by Marc   Posted 21 January 2015

Minimum tax charged on R 600 000 upon resignation .

Tax payment for over 65 years?

  Written by Marc   Posted 18 January 2015

I am 65 years old married in community of property, I receive a monthly annuity of R5,000, I also receive interest from fixed deposits of R16,000 per month, what would my tax payment per annum be.

How do I calculate my lump sum payout for 2016 tax year?

  Written by Marc   Posted 15 January 2015

I don't know whether to make my retirement date end Feb 2015 or Mar 2015. Your calculator doesn't calculate for 2016 tax year.
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