Retirement Posts in Tax Q&A


Provisional Tax and Annuity Income



At the start of the 2021 tax year I will be earning a monthly income from my living annuity [LA], however as I understand from the provider of the LA, that tax will be deducted by them before I receive the monthly amount. I am registered as a provisional taxpayer and will be earning additional income on top of the LA income. So, I therefore assume that I can continue being a provisional taxpayer and declare the additional income only in the IRP6, or would I have to declare both incomes and then ...

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Foreign income with online forex trading



How one would declare Income/Loss that is derived from online forex trading. The trading account is in USD so I assume foreign income.

1. Where would one declare this income/loss with TaxTim/eFiling tax return under foreign income?
2. Is it necessary to declare if only a loss was made?
3. Can withdrawal fees/currency exchange and bank fees be deducted from overall profit.
4. What documentation would SARS require? The only documentation that can be acquired from the trading platform is trading history showing profit/loss but no tax certificates. ...

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Tax on living annuity



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.

Claiming retirement



I am confused and I need some clarity regarding money I am contributing into a pension fund. I am making monthly contributions into someone else%u2019s pension fund. I was wondering whether I can deduct my contributions from my income for tax purposes. Can I claim these contributions back? I am not certain whether this is doable and would appreciate your help.

Earnings of a teacher and tax



I would like to find out if I should submit a tax return as a teacher that earns R300 000 per annum. Would this be required of me?

Two incomes and tax calculations



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?



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



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



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



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



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?



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



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



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)



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



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



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

Maintenance claims on pension fund



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?



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



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)



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

Tax implication on Voluntary Severance Package



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



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?



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



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?
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