Retirement Posts in Tax Q&A

Employed on Contract Basis (PAYE)

Posted 1 June 2017

I've gone from working for an employer to freelancing and now I'm working on
a contract basis. I'm not taxed on my contract income. All I do is send an invoice and they pay me and deduct nothing off that. I'd like to still pay SARS the PAYE, is that possible? (I have my own retirement fund).

Severance benefits and estate duty

Posted 25 May 2017

Do severance benefits received from an employer at death, form part of property or deemed property in your estate for Estate Duty purposes?

Pension fund with half paid up taxes

Posted 19 April 2017

Can I get my pension fund if I have payed up half of my taxes

Maintenance claims on pension fund

Posted 19 April 2017

Will monthly maintenance claims by ex-spouse as per a successfully lodged divorce order against my pension fund be taxable in the hands of my ex-spouse, or deemed as income for myself? Will it be treated as exempt from normal tax?

Waiting period for retirement from GEPF?

Posted 18 April 2017

How long does a retirement file from GEPF take in SARS for a pay out date? I took my retirement claim at GEPF and completed all forms they gave me but I have waited so long with no reply.

Minimizing tax liability

Posted 13 April 2017

At the end of the current tax year my taxable income will exceed R1.5 million largely due to income from an employee share option scheme. My income comprises salary only. And from the normal statutory deductions I contribute to a retirement fund and retirement annuity. Apart from maximizing my contribution to retirement funds, how else could I reduce my tax liability?

CGT on primary residence (if it has been let out - also my only residence)

Posted 4 April 2017

What CGT would I be liable for if my primary residence is my only residence - but rented out?

Tax implication on Voluntary Severance Package

Posted 4 April 2017

What will my tax be on my pension R776000.00 and what will my tax be on my voluntary severance package R342000.00

Tax on a deceased's Retirement Annuity

Posted 28 March 2017

I received money from my late dad's Retirement Annuity and I was taxed on this. Does that
matter at all?

Income earned by a minor from a tax free investment?

Posted 23 March 2017

Do I have to declare income earned from a Tax Free Savings Account opened for my minor child on my tax return? I've contributed in my personal capacity to my own Tax Free Savings Account and I've also opened and contributed into a Tax Free Savings Account for my minor child.

Application for Tax Suspension

Posted 23 March 2017

How do I make an application for suspension of tax after filing an objection? I MISSED THAT OPPORTUNITY WHEN SUBMITTING MY OBJECTION. Is there any way that I can now submit an application by SARS eFile or email?

Penalty Fees

Posted 17 March 2017

I've recently had the misfortune of getting a tax penalty of over R16500.00 It was deducted from my provident fund without my knowledge. A further R7000.00 was deducted from the same provident fund pay out. Please advise me if I can dispute this after it has been deducted; if not I'm fine with it. However, I got a statement from SARS more than two weeks later referring to these penalties. I'm not sure what this statement means.

Provident Fund Payout

Posted 16 March 2017

I cashed out my Provident Fund when I left my previous employer, I was there for just under 2 years. I paid a higher tax as the first R25000.00 subject to the tax rule of: 18% of lump sum exceeding R25000.00
The financial services company explained that because several years ago I cashed out a portion of my provident fund historically, I don't qualify for the tax exclusion. Is this correct?

Retirement Annuity Premiums

Posted 14 March 2017

What's the exact deadline for annual Retirement Annuity (RA) contributions?

Posted 28 February 2017

I make annual lump sum contributions to my RA. In order for my annual lump sum contribution to qualify for tax deductions for the current year, do I only need to make the payment for my RA before the end of February, or does my financial advisor need to have allocated the funds to my RA before the deadline? i.e. Can I still make a contribution at 23:59:59 on 28 February 2017 which will count towards the 2016/2017 tax year?

How to enter a severance payment in my provisional tax return?

Posted 28 February 2017

I'm doing my provisional tax return and received a severance payments during the year as part of a voluntary retrenchment. My employer applied for a tax directive which was successful and I received the lump sum pay-out with the tax benefits associated on the sliding scale. How do I deal with this in my provisional tax return? If I enter the severance payment gross amount, the SARS eFiling system calculates taxes on it using the normal tax tables (it gets calculated at the highest marginal rate...

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Will the reason given on a tax directive affect SARS's decision?

Posted 24 February 2017

Will the reason given on a tax directive affect SARS's decision; if the severance benefit is being paid out as a result of a voluntary settlement between employee and employer, is SARS less likely to grant the directive?

What is your fee for retired farmers?

Posted 24 February 2017

I am a retired farmer with only rental income which I earn from renting out my farm. My income is R500000 per year. What will TaxTim cost?

Retirement annuity, refund or not?

Posted 24 February 2017

I'm currently unemployed, but submitted a tax return for my retirement annuity which was R3400 in the last tax year. I was surprised that I did not get anything back? Can you explain?

Do I need to file a tax return with R260 000

Posted 24 February 2017

I am unemployed but earn interest income ( approximately R260 000 annually)from fixed term deposits
I am under 65 and contribute to medical aid and retirement annuity
Do I need to file a tax return

Is this allowed by SARS?

Posted 20 February 2017

Can I contribute 27.5 of my income to a pension even if my employer only allows me to contribute 10% through them to our work pension fund?

Claim more than 27.5% on retirement deduction

Posted 16 February 2017

If I am able to contribute more than the mentioned 27.5% of my income towards a retirement fund, will SARS still give me a deduction for the entire contribution?

Tax on pension contributions

Posted 16 February 2017

I save money in a separate bank account and plan to use it once I retire, can I claim it as a retirement fund contribution?

Calculate the tax amount when I resign at work on the amount of R1200 000 pension and provident fund

Posted 16 February 2017

How do I calculate the tax amount when I resign at work on the amount of R1200 000 pension and provident fund

Tax estimation

Posted 16 February 2017

Good day I intend resigning from the public service after 26 yrs service. My resignation benefit is R2,5 million. May you kindly estimate how much will be taxed?
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