CGT on unit trust sale?

  Written by Marc   Posted 31 October 2013

Do all types of unit trusts attract capital gains tax when units are sold for cash withdrawal? Is there a yearly tax concession limit on investments such as unit trusts which is not taxable?

Back dated Retirement Annuity - can I still claim?

  Written by Marc   Posted 30 October 2013

Good Day,
I've taken out a Retirement Annuity a few years ago but I never included this when I submitted my tax return as I was not aware that I could at the time. My question is, how do I go about submitting it now, is there anything special I need to do since it was done previously?

Tax directive not issued to SARS for retrenchment?

  Written by Marc   Posted 30 October 2013

My company forgot to do my tax directive when they retrenched me in Sept 2012. Paid me in full the amount. Can I get the company to issue me with a tax directive now?

How do I insert the income protection contribution 4018 on my income tax return?

  Written by Marc   Posted 28 October 2013

After entering information on eFiling for my tax return and saving it my tax calculator result is not reflecting my income protection contribution...is it code 4018 under deductions cause that it what I am saving it under??

Can I claim deductions for a living allowance given to my elderly mom?

  Written by Marc   Posted 28 October 2013

I pay my elderly mom R2 000 per month for living expenses. She does not qualify for a South African pension as although my dad was classed as a South African citizen, my mom's citizenship remains British. She received a small amount of money when my dad died which she invested and now earns R1 000 per month so her total income for living is now R3000. My question is, I would like to know if there is some sort of deduction I can make for this amount?

How do I work out my taxable income from my salary slip?

  Written by Marc   Posted 1 October 2013

I started earning extra wages outside of my salary in February 2013 and so I have registered for provisional tax. On my IRP6 I need to fill in my gross turnover(which I understand to be my gross salary other income including my rental earnings, wages earned and interest on investments) and then my estimated taxable income (which I understand to be my gross turnover minus my costs, retirement annuity contributions and my pension contributions). How do I work out the taxable portion of my salary ...

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Should a person over 65 pay tax on a pension from a late spouse's place of employment?

  Written by Marc   Posted 30 September 2013

If an old lady who is over the age of 65 is still earning a salary, but gets a pension from her dead husband's place of work. Should her current employer reflect that income on her taxable income?

What the amount I am allowed to earn per year with my pension? I am over 70.

  Written by Marc   Posted 23 September 2013

I am 73 years old and cannot live on my pension so I have gone back to work. How much am I allowed to earn to be exempted? Is there no exceptions for the people over 70?

Tax on income working permanently in the UAE and declaring of such.

  Written by Marc   Posted 23 September 2013

Hi Tim,
I left SA on 1/9/2011 to take up a permanent employment in UAE, with a UAE company. I also took up residency in the UAE. I sold all my fixed assets in SA, except for my primary residence, which I left for the children to complete their university studies from. I didn't have any intention to return to SA and wanted to relocate elsewhere, after my pension. Unfortunately I was retrenched w.e.f. 10/12/2012 and I returned to SA on 18/12/2012. I visited SA in Nov 2011 for 10 days in Oct 2012 for 5 days. I only started to earned an income in SA in February 2013....

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Parents over 80yrs old, income of 350K/yr from rentals, do they need to pay tax?

  Written by Marc   Posted 18 September 2013

My parents are over 80. The only income they enjoy is from 5 rented cottages on the property where they collect on average ZAR 6000/month. This equates to a total income of around ZAR 350K/yr. They claim they do not need to pay tax on this nor need to complete a tax return!? Is this true?!

They are cashed up, do not have or service any debt. The only significant asset they own is the single property on which they both live and rent the cottages out.

How does retirement annuity help me in regards to tax?

  Written by Marc   Posted 17 September 2013

How does a retirement annuity help me regarding tax deductions?

How do I apply to be over taxed on pension received?

  Written by Marc   Posted 10 September 2013

I receive a monthly pension from my late husband. I have submitted my SARS and I have to pay in a large amount back to SARS. I have spoken to SARS as well as GEPF and the advice I received was to apply to Department Finance to over tax me to avoid this situation again. I don't know how, where and to whom I must speak to adjust my tax. Thanks

Taxable Settlement agreement?

  Written by Marc   Posted 5 September 2013

Hi Tim,

Last year (this financial year though) I left a job and had a settlement agreement with my ex-boss for outstanding monies for overtime as well as for medical expenses as a result of my work. We have had no contact since the settlement. When going to file at SARS I noticed he has included the full amount as income on my IRP5, where as only a small portion was for income and the rest to cover my medical bills. Am I correct in thinking that I am not liable for income tax on the S...

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How much tax rebate does an employer get if he's paying 50% of medical aid for his employees?

  Written by Marc   Posted 27 August 2013

Say a company has 100 employees and the employer turnover is over R20 million per annum, if employer is planning to contribute 50% in medical aid and retirement fund to his employees, how much of a tax deduction does the employer get?

Do you have to pay SA tax on joint pension of - R60,000 (R30k each)?

  Written by Marc   Posted 26 August 2013

My husband and myself receive a British pension each. Not a full pension, something like R60,000 a year between us. Do we have to pay south African tax on it?
Thanks
Molly

Your source code is not on my IRP5

  Written by Marc   Posted 25 August 2013

The source code you ask for is not on my IRP5. I don't have 4003 or 4018.

What is the tax free amount for interest earnings? I am over 65.

  Written by Marc   Posted 22 August 2013

I am 66 years old - what is the tax free interest earnings amount - 2013/14 tax year. I earn a salary of R104,000 pa.

SARS tax source code 3698

  Written by Marc   Posted 22 August 2013

Please can you explain the source code 3698 - Gross non-funding retirement funding employment income on the SARS tax certificates.

How to calculate Tax Refund if over 65 with a disabled dependent

  Written by Marc   Posted 22 August 2013

I am completing my father's Tax Return for him. He is over 65 and has a dependent, my brother, who is mentally disabled. I have indicated this as such on the return and can see from the calculation that the full medical amount listed is shown as a deduction from the taxable amount. What is confusing me is the only amount being reflected as a refund is the PAYE he paid on some shares that he cashed in and there is no additional refund for any of the mental disabilities. Am I understanding the med...

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I have never worked in SA and lived abroad since I started my career, must I file for tax in SA?

  Written by Marc   Posted 20 August 2013

Dear Tim,

I am South African citizen. After my studies I went abroad and have lived in the same country since I left SA. I am not registered as a tax payer at SARS but I do have a bank account in SA and sometimes I will send money back to SA.

1) Must I file a tax return every year even though I am not registered at SARS and I have not worked in SA?

2) Sometimes I would like to give money to parents (they live in SA), but I know that there is a limit to how much ...

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2014 tax year - What is the exempt amount on the interest from investments?

  Written by Marc   Posted 18 August 2013

2014 Tax Year. What is the exempt amount on the interest from investments?

Source code for interest on pension fund

  Written by Marc   Posted 15 August 2013

Hi Tim, I have an IT3(b) letter stating that I should include the amount of R...... interest received on my Pension Fund that I have received. I am not sure under which source code I should put it?

Who should pay tax?

  Written by Marc   Posted 15 August 2013

I have no clue whether I need to pay tax or not? Is there a difference between tax and U.I.F?

Source 3920 on ITR12, but not on IRP5. Help!

  Written by Marc   Posted 15 August 2013

Source code 3920 with an amount of 100 is reflected on my IT12 but not on the IRP5 that I received. Must I leave this source code on the IT12 on efilling or should it be removed?

Can I claim a tax rebate paying for a pensioners medical aid?

  Written by Marc   Posted 14 August 2013

Good Day

My dad is a Pensioner and receives a state pension. He does not submit tax returns, however I pay for his monthly medical aid, and would like to know if I can claim a rebate for this when I submit my tax return?
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