How much is your pension each month and what is your age?
Lulusays: 24 July 2015 at 7:51
I am aged 46, my widow`s pension is R3700-00 per month and my normal salary is R227802.00.
TaxTimsays: 24 July 2015 at 8:53
What has happened is because the fund paying the pension does not know about your other normal income they do not take tax off. So when you submit your tax return all your income gets added together and applied to the tax tables which results in you needing to pay in more tax. The only way to alleviate this would be to ask the fund to deduct tax each month based on your overall income levels.
Lulusays: 27 July 2015 at 15:14
Thanx Tim, I will soon submit my tax return to you, I usually submit to SARS every year and I`m always told that I am owing tax. I do not know how does this comes because the R227 800 of my actual salary in a year plus R44 400 which is my widows pension in a year sum up to R272 200 which is less than R350 000 in year. Can you clarify this for me.
TaxTimsays: 28 July 2015 at 4:28
The R350 000 is not an income threshold for paying. Tax is paid on all income over R70 700 for the 2015 year. That threshold of R350 000 relates to filing a tax return when you only have one income from one employer with no allowances or deductions. Please make use of our SARS income tax calculator to see the tax you should be owing on the total amount.
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