I am receiving income from living annuity, approx R2000.00 per month and an additional R375.00 fixed amount from a retirement annuity. I also am still earning a salary over the threshold limit. I include this in my total earnings, although this is not rental, or trade related. Is this the correct procedure? I am then taxed on the full amount. I am pensionable age.
Your fund administrator should have issued you with Tax Certificates / IT3(a)s for these two annuities. If they have not, you need to contact them to request the certificates. The details from these certificates should be automatically populated in your Tax Return when you open it.
In the opening questions of your Tax Return, you need to indicate that you received income that is reflected on an IRP5/IT3(a) certificate (i.e 2 certificates) and if the information is not in your Tax Return already, you need to enter the details from the tax certificates manually.
These annuities should be included with your salary and taxed according to the normal tax rates for individuals of your age.
Please register for TaxTim and let us assist you to complete and submit your tax return.