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NoraJane says: 6 July 2015 at 9:57 Good day, I completed my tax using efiling but the amount that I am inputting in the SARS code 4006 is showing a lesser amount on the calculated tax result. Is there a reason why amount is being lowered on the calculated result? I supplied an amount of R25000 on the Efiling form and on the Calculate Tax result shows R7700. |
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TaxTim says: 6 July 2015 at 10:33 Are you saying the refund is only R7700 or the actual deduction is R7700? |
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NoraJane says: 6 July 2015 at 10:38 Thank you, for the prompt response. The actual deduction value displayed under Deduction is R7700 not the refund. So I inputted R25000 for 4006 in Efiling. When I click on show Calculations, On the tax calculation result under DEDUCTIONS, the amount displays as R7700 and not the R25000 that I entered. |
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TaxTim says: 6 July 2015 at 10:41 Could you let me know the amounts next to 3697 and 3698 on your IRP5? |
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NoraJane says: 6 July 2015 at 10:57 Sure. The amounts are: 3697 - 344123 3698 - 53070 4006 - 25986 |
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TaxTim says: 6 July 2015 at 11:56 The reason for this is because retirement annuity fund contributions are limited to 15% of what is called Non-Retirement-Funding Employment Income which means non-pensionable earnings. This is represented by the 3698 source code. That is why you are limited to the R7700. |
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NoraJane says: 6 July 2015 at 12:00 Thank you, very much for your assistance. I have registered with TaxTim and will use TaxTim's definitely use TaxTim moving forward. Thank you |
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TaxTim says: 6 July 2015 at 12:06 Great, glad we could assist you and looking forward to doing so next year! |
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