I completed my tax using efiling but the amount that I am inputting in the SARS code 4006 is showing a lesser amount on the calculated tax result. Is there a reason why amount is being lowered on the calculated result? I supplied an amount of R25000 on the Efiling form and on the Calculate Tax result shows R7700.
Are you saying the refund is only R7700 or the actual deduction is R7700?
NoraJanesays: 6 July 2015 at 10:38
Thank you, for the prompt response. The actual deduction value displayed under Deduction is R7700 not the refund. So I inputted R25000 for 4006 in Efiling. When I click on show Calculations, On the tax calculation result under DEDUCTIONS, the amount displays as R7700 and not the R25000 that I entered.
TaxTimsays: 6 July 2015 at 10:41
Could you let me know the amounts next to 3697 and 3698 on your IRP5?
NoraJanesays: 6 July 2015 at 10:57
Sure. The amounts are:
3697 - 344123 3698 - 53070 4006 - 25986
TaxTimsays: 6 July 2015 at 11:56
The reason for this is because retirement annuity fund contributions are limited to 15% of what is called Non-Retirement-Funding Employment Income which means non-pensionable earnings. This is represented by the 3698 source code. That is why you are limited to the R7700.
NoraJanesays: 6 July 2015 at 12:00
Thank you, very much for your assistance. I have registered with TaxTim and will use TaxTim's definitely use TaxTim moving forward. Thank you
TaxTimsays: 6 July 2015 at 12:06
Great, glad we could assist you and looking forward to doing so next year!
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