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TaxTim says: 13 August 2013 at 20:55 When SARS have completed their assessment they will send you a "completion letter" which will indicate the results of your verification. This could take anywhere from a few days to 9 months depending on where you have fallen in the SARS audit trail. Was any tax deducted on the IRP5 received from the fund? |
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Mark says: 14 August 2013 at 8:29 Hello No tax was deducted on the IRP5 for the Pension Fund. My question is should I include the pension fund amount under 4006? For arguments sake lets say my total contribution to RA for the year is R 50 000 of which R40 000 is the amount transferred from the Pension Fund and R10 000 is what I contributed throughout the year. Do I reflect R50 000 or R 10 000 in code 4006 Mark |
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TaxTim says: 14 August 2013 at 16:53 You would reflect the whole amount as the old policy lumpsum was paid to you and then you deposited it in the RA fund. SARS will only allow a certain amount to be deducted anyway because of percentage limitations, but will carry this forward to future years in order for you to get the deduction. |
