Retirement Posts in Tax Q&A

Tax on living annuity

Posted 5 September 2019

What type of a taxpayer am I if I receive a living annuity and I am 42 years old? My monthly living annuity income is just over R10000, I also receive money from my children's investments which ranges between R1000 and R8000.

Two incomes and tax calculations

Posted 20 May 2019

I am 51 years old and I receive a monthly taxable salary and a monthly pension. How do I calculate my tax on both incomes?

Difference between provident fund and retirement annuity?

Posted 18 July 2017

There is no code 4006 on my IRP5, but I pay into a provident fund via my employer. There is an amount with code 4003/4473 (the same amount). Do I need to enter this amount anywhere?

This query relates to question 6806 "Do you have a %nextpass% Retirement Annuity Fund that you want to enter?" in the Retirement Annuity section.

RAF

Posted 18 July 2017

Kindly advice me on tax deductions regarding RAF maximum amount that ca be
deducted.

If a person is on Salary range of 280 000 to 300 000 p.a.

The employer and contribute each 7.5 % of the basic salary p.a to pension


The employee currently contribute R405 per month towards retirement
annuity fund per month

The question is how much can be deducted or get refunded from SARS annual
or how much can contributed to RAF to ensure that he/ she is not paying too...

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Outstanding certificates

Posted 14 July 2017

I have not yet received a certificate for my personal Retirement Annuity?

This query relates to question 6803 "Please enter the name of the Fund. You will find this on the Tax Certificate received from your fund. " in the Retirement section.

Financial instruments

Posted 13 July 2017

I am busy correcting my tax returns but have a query on financial instruments listed. Does my retirement annuity(s) value also need to be submitted as part of this value at the value it was on the 28th of February? The same questions goes for my TFSA which consists of stocks?

I received two assessments from SARS

Posted 11 July 2017

I submitted my tax return and received a refund outcome, I later received another assessment with a different refund amount, can you explain this to me please?

Is RA and pension the same?

Posted 11 July 2017

I'm not sure how the deductions for my pension works as my employer has been deducting pension from my salary under code 4001. Do I still enter any amounts under annuity contributions?

Medical Aid Expenses for previous tax years

Posted 6 July 2017

I was retrenched April 2014 but continued paying for my medical aid in my
personal capacity. I only claimed for out of pocket medical expenses and
not what I paid in my private capacity. I'm not sure If I could claim for
that and if I can now with 2017 submission claim for 2014 / 2015 medical
expenses.

When you pay an RA directly

Posted 4 July 2017

I personally paid money into a retirement annuity fund, and not via my employer - where do put this in my tax return please?

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?
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