Tax on severance package

  Written by Alicia   Posted 2 February 2017

I am about to take the voluntary retrenchment package and wanted to know if I will be taxed on my last salary along with my leave days and severance package?

Tax due on resignation benefit

  Written by Alicia   Posted 1 February 2017

My total resignation benefit is R666 120.00 what will be my payout after tax?
I'm 41 yrs old

How long before I get my funds owed to me by SARS

  Written by Alicia   Posted 1 February 2017

SARS used my pension lump sum to pay my administration penalties balance. I have however since this submitted the returns and SARS now owe me an amount. Do you perhaps know how long this could take, as I called them yesterday and they said that all queries on my account was finally resolved.

Tax on monthly pension

  Written by Alicia   Posted 30 January 2017

Tax on 52,000 pension at age 55

Can I deduct 27.5% retirement fund contribution from my gross income?

  Written by Alicia   Posted 27 January 2017

As a sole proprietor can I deduct 27. 5% retirement fund contributions from my total income before expenses? I render a professional service.

How much tax is payable upon resignation?

  Written by Alicia   Posted 25 January 2017

If I resign at the end of september, how much tax will I pay if my pension amounts to R740000,00?

Is my 32 day call account treated as a Tax Free Savings Account?

  Written by Alicia   Posted 19 January 2017

Is my 32 day call account treated as a Tax Free Savings Account?

This query relates to question 4642 "Did you pay into a Tax Free Savings Account during the %season% tax year?" in the Tax Free Savings section.

Pension contribution can I claim for it?

  Written by Alicia   Posted 18 January 2017

If I contribute towards a pension fund via my employer, can I get a tax deduction for it?

How do I pay tax on my foreign earned income?

  Written by Alicia   Posted 26 December 2016

If I work for a USA company and earn e.g. $65,000 per year and the company does not have a brand and or is not registered in South Africa, what is the tax process?

I imagine - (please correct me). I receive full amount monthly and need to register as a provisional tax payer and pay SARS normal PAYE twice per year? Note I will not be traveling more than 183 days per year. Is there a possible benefit of registering a business and paying myself from the business a lower amount?

Can I submit old returns with TaxTim's help?

  Written by Alicia   Posted 22 November 2016

Is there any way to fill in tax returns from 2011-2015? I have been able to successfully file for the 2016 tax period. For the period from 2011 to 2015 as was a salaried employee and had no other additional income. My income tax over the period was fully paid as my employer was responsible for paying this directly to SARS. Is it possible to file for previous years? Are there likely to be any penalties, and are is still possible to claim for previous deductions such as pension fund contributions ...

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Must I declare a Tax Free Savings Contribution to my Child's Tax Free Savings Account?

  Written by Alicia   Posted 9 November 2016

Must I declare a Tax Free Savings Contribution to my Child's Tax Free Savings Account?

Where do I enter source code 4006 info?

  Written by Alicia   Posted 12 October 2016

Where do I enter source code 4006 info? It's on my RA Contribution Certifcate from Liberty Life. It's a monthly debit order from my bank account.

What does code 3698 refer to?

  Written by Alicia   Posted 18 September 2016

I have a code 3698 on my IRP5, must I complete this amount under 4006?

Code 3808, where can I complete i ton my tax return?

  Written by Alicia   Posted 15 August 2016

I have an amount reflecting on my return under code 3808 which is employee debt but this relates to income protection, previously we would have captured this same amount under code 4018 which is income protection insurance contributions but now this isn't found anywhere, is there somewhere else I can enter this or what do I do with the figure under 3808?

Would I be able to get my tax refund?

  Written by Alicia   Posted 5 August 2016

Good day,I was employed for 3 years,and I was dismissed last year february. So would I be able to get my tax fund? And I was supposed to get 40 000 from pension fund but I got 33 000 so I would like to know if I would be able to get my refund?

What is the SARS source code for compulsory purchased annuity?

  Written by Alicia   Posted 4 August 2016

I have purchased a compulsory guaranteed annuity from a life insurer with funds which were transferred from a living annuity with another life insurer. The living annuity was also due to a compulsory annuity purchase. The SARS source code being used for the monthly income from the compulsory guaranteed annuity is 3611. Is this correct as is this code not only applicable for the taxable interest from a voluntary annuity? If the source code is incorrect, what should it be?

Can i split the amount on the medical tax certificate?

  Written by Alicia   Posted 1 August 2016

My dad is retired, in November his medical aid stopped coming off his payslip, and he has to pay it out of his bank account. So my question is,On his IRP5 there is an amount under 4005 for medical aid deduction. But this is only till end October. So I want to know, do I put the rest of the medical aid amount that he paid out of his back account under 4040?

How much tax must I pay annually if I'm a pensioner earning investment income only?

  Written by Alicia   Posted 21 July 2016

I am 70 years old. IEarn R180,000 interest lumpsum annualy. I have a wife without any income.

Income calculator if work 4 months in tax year

  Written by Alicia   Posted 19 July 2016

I worked 4 months in tax year and was given severance package will I get a refund or must I pay in as the sars directive indicates no tax payable

Do you get a refund on extra provident savings done at work

  Written by Alicia   Posted 19 July 2016

If you pay an extra amount on your provident fund at work,do u get money back like you would with an RA

Tax on interest

  Written by Alicia   Posted 15 July 2016

Hi. I am unemployed but my income from investments and interest exceeds R30000 but below R75000. Do I pay tax?

Does interest form part of the R75000 threshold or R30000?

Portion of retirement annuity contribution gets coded as 3808, why?

  Written by Alicia   Posted 13 July 2016

Last year my employer added a RA to our benefits. The deal was that the employee pays 5% of salary towards the RA and the Employer would pay 7% to total of 12% of salary towards RA. On this years IRP5 there is a big amount listed as code 3808 (Payment of Employee Debt if the policy is owned by the employee) and it seems that this amount equates to the 7% portion that the employer paid. This has a negative effect on my returns as it seems that I now get penalised by SARS for this amount. Should t...

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According to SARS criteria, I dont need to sumit ITR12. But do I still submit IRP6 twice yearly?

  Written by Alicia   Posted 12 July 2016

I'm a provisional taxpayer. According to recent communications from SARS, I no longer need to submit ITR12 any more as I match all their criteria. My question is: Do I still need to submit the IRP6 twice yearly?

New tax number

  Written by Alicia   Posted 12 July 2016

I took out a retirement policy for my domestic worker and she has now reach retirement age where do I get a tax number for her

What do I need to complete returns for the past 3 years

  Written by Alicia   Posted 10 July 2016

What do I need at hand to complete tax returns for the past 3 years
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