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TaxTim says: 8 November 2012 at 17:51 Can we please use the "chief thief?"! The RAF deduction is calculated at the value limited to the greater of R3 500 or 15% of non-retirement-funding-employment income which is basically all income earned that doesn't go towards a Pension in non-tax terms. Do you contribute towards a Pension Fund? If you wish to send me your amounts I can calculate this for you? |
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Zane says: 8 November 2012 at 18:24 Hi again, My pension fund is R19 012 paid by company for the year. My medical aid payment through company: R10388 for the year GNRFI: R58 602 + R103 025 interest received = R161 627 I contributed R37 500 previous tax year to the RA, only R1 800 allowed as deduction? I contributed R18 000 this year, but somehow the calculation on SARS' site reflected R20 463? Any help would be much appreciated! Thanks |
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Zane says: 8 November 2012 at 18:30 Sorry for the error: It's a provident fund, not a pension fund I quoted on! Thanks again |
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TaxTim says: 9 November 2012 at 6:06 A provident fund contribution is not tax deductible unfortunately. For the RAF deduction from previous years, SARS allows a maximum of R1 800 to be carried forward each year so that's why your assessment will say "c/f from previous year - R1 800" There seems to be an amount of R663 over the contributed amount if you take the the R1 800 into account. Do you want to send your ITA34 to tim@taxtim.com and we can have a look? |
