Retirement: 10 most popular posts
Overseas income
Posted 9 May 2022
Will I get a tax refund if I accept the SARS auto-assessment?
Posted 9 May 2022
Why am I getting auto-assessed? Where is my tax return?
Posted 3 May 2022
Retrenchment tax
Posted 25 April 2022
Severance pay and tax exemption
Posted 17 April 2022
Divorce payout of approximately R850,000.00. How much would SARS tax?
Posted 11 April 2022
What is the difference between Pensionable and non-pensionable salary?
Posted 8 April 2022
Q: Please explain the tax calculation between pensionable and non-pensionable salary
Medical Aid and Pension contributions on IRP5
Posted 7 April 2022
What happens once I've submitted my tax return form?
Posted 6 April 2022
One of the questions most asked when it comes to tax season, is “what happens now that I’ve submitted my income tax return, when do I get my refund?”’
If you’re due a tax refund then you will probably get the money deposited into your account within a few days. SARS will also email or SMS you telling you that an IT34 (Summary of your return and refund) and ITSA (Income Tax Statement of Account) have been issued. They will detail your tax refund (tax back) if any. So look forward to that deposit into your account. ...
Read more →
Retirement lump sum calculator
Posted 5 April 2022
How to calculate provident fund deductions for 2016/2017?
Posted 5 April 2022
What does code 3801 and 3810 on irp5 stand for? If fringe benefits why wont they appear on payslip?
Posted 1 April 2022
How do independent contractors get taxed?
Posted 31 March 2022
I will be taking a new job that requires me to be a contractor. There are mixed opinions on how contractors get taxed. The consulting company assures me this is a flat rate of 25%, but on reading SAICA's website I found this little nugget: " If the independent contractor works more than 22 hours a week, he/she must be taxed in terms of the income tax tables".
I will definitely be working more than 22 hours a week, can you tell me things will work, please?
The question of tax relates to how you are perceived to be working for the "employer" to whom you will be contracting out to...
Read more →
Where to find proof of income tax reference number?
Posted 30 March 2022
Tax on Forex Trading
Posted 29 March 2022
Tax on Lump Sum payment - Provident Fund
Posted 16 March 2022
Should source code 3699 reflect on your cost to company?
Posted 16 March 2022
Freezing emigrants Retirement Annuities, how do I declare non-tax resident status?
Posted 10 February 2021
Hi TaxTim, please can I ask about emigration and Retirement Annuities (RA)?
The new South African tax regulation, effective March 1, regarding emigrants' RAs being frozen for 3 years after financially emigrating:
1. I was told the start of the 3 years is not from date of financially emigrating, but rather the declaration date of non-tax resident status, is this correct?
2. If so, how does one declare oneself a non-tax resident?
3. I may have already declared mysel...
Read more →
What does SARS mean by auto-assessment?
Posted 27 July 2020
I saw something in a news article about SARS issuing auto-assessments this year from 1 August. I tried to research but couldn't find much and this is all very new to me. Please can you explain what this is? Are there any new changes which I need to be aware moving forward? I have been filing my own tax return for the past years, but I hear that I might not need to do so this year.
SARS sent me an SMS about auto-assessment? Is this legit?
Posted 20 July 2020
I received an SMS from SARS which mentioned something about an auto-assessment. I have not heard of this before. I don't trust anyone these days, and because of that I just want to ensure that this is legit - do you think this is a scam?
Tax deductions exceeds the tax paid
Posted 28 May 2020
What happens if my Allowable Tax Deductions exceeds the tax paid in the same year. Logically I should only be able to claim back the actual tax paid? It will be Additional allowable Medical claims which will not be covered by the medical aid. These amounts plus smaller deductions will push the claims to over and above the tax payable amount.
Contract worker and Tax
Posted 22 May 2020
I was retrenched at the end of 2017. My last Tax Return was done in the year 2018. Since April 2019 I have been receiving income for work done on a contract basis and the company indicated that I need to see to my own tax affairs. How do I go about filing my tax return for 2020? Your assistance is highly appreciated.
IRP5s and companies paying RA for employees
Posted 7 May 2020
If a company is paying into a Retirement Annuity (RA) for employees when preparing an IRP5, using source code 3828 as income, would we then need to use source code 4006 for the same amount? In other words, source code 3828 for the amount paid by company on behalf of employee (this amount will be added to the income total) and code 4475 for the same amount. If an employee has not contributed anything code 4006 will be 0, but will still have to appear on the IRP5?
Provisional Tax and Annuity Income
Posted 2 April 2020
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 ...
Read more →
Foreign income with online forex trading
Posted 24 October 2019
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. ...
Read more →
Older posts →
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Do Your Tax Return Easily