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Retirement annuity contribution from previous year

Posted 3 November 2015 under Tax Questions



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Anneli says:
29 October 2015 at 17:08

I paid a lump sum into a retirement annuity investment in Feb 2014. I forgot to include any of it on my Feb 2014 tax return. There are no further contributions at this point. Q1: must I include the value of the annuity in my statement of assets and liabilities (I have rental income so I am completing that section); if so, under which heading does it fall? investments?
Q2: I saw something about carrying over R1800 in RA contributions to the next year. Is this correct? Do you put this under "arrear contributions"? Is there a limit to how long you can carry forward the excess every year?

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TaxTimTaxTim says:
29 October 2015 at 19:38

You should go back and reopen your 2014 tax return and include the contribution to get the refund.


Anneli says:
3 November 2015 at 8:37

Are you saying that I don't have to put it in the statement of assets and liabilities?

I already got a refund for the 2014 year, should I still redo that tax return? If the lump sum was more than the annual maximum must I still enter the whole amount?

I just want to know what I should do to file the 2015 tax return correctly at this point.


Anneli says:
3 November 2015 at 9:19

OK I see now if I file a correction on the 2014 tax return then the lump sum will be within the annual maximum for that year, so I understand that part.

So if you could just confirm if it does or doesn't have to be included in the statement of assets & liabilities, that would be great, thanks!


TaxTimTaxTim says:
3 November 2015 at 9:45

It does not as this is not an asset of yours, but you only need to complete this section if you are a director of a company or earning income from a local trade.


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