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Retired and not earning an income

Posted 3 January 2013 under Tax Questions



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Hi Tim, I am retired and the only income I get is from my pension every month, do I still need to submit a Tax Return?

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TaxTimTaxTim says:
23 November 2012 at 15:54

If you earned more than R93 150 for the 2012 year then you would need to submit a return. However I am assuming that you are over 65 years of age and the pension fund sends you an IRP5/IT3a? If you have a medical aid then you can deduct those contributions as well.

Is that the case for you?


Brian says:
26 November 2012 at 9:55

Hi, I earned less than R93 150. I am over 65 and only get a monthly pension and don't have a medical aid.

Do I need to submit a Tax Return or notify SARS that I no longer receive an income?

Thanks


TaxTimTaxTim says:
26 November 2012 at 16:52

You most likely will receive an IRP5 from the Pension Fund House which will be loaded on SARS eFiling website. In theory you can log on and just click file if you want to be safe. At the moment no you will not need to submit or notify SARS, however I have been told by a SARS official that in some cases they are still penalizing for non-submission with regards other types of taxpayers who do not need to submit. If you are registered on eFiling then it may be prudent to submit, but if not then it should be ok to let it go. You are under the tax bracket so in theory you do not need to submit anyway!


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