SARS E-Filing 2017

[handyman007]

Put the tax refund related to your RA back into the RA. Then you will see decent RA growth as well (and get a bit of tax back on that top-up again next year)

That's the plan!

 

[supersunbird]

Put the tax refund related to your RA back into the RA. Then you will see decent RA growth as well (and get a bit of tax back on that top-up again next year)

Well, unless you are using the max 27.5% though, then a TFSA or any other savings/investments is a good place for it or debt repayment is a good idea too, especially if you have unsecured debt.

 

[Peter1955]

The Annuity (4006) section now wants the total contributions including the numbers from the IRP5's BUT there the code is 3610... should that be included or is it only applicable where the IRP5 shows a 4006 code? Someone did not think this change through...

Latest SARS definitions of source codes 3610 and 4006:

Code 3610: An annuity paid on a regular basis by a retirement annuity fund and/or a compulsory purchased annuity purchased from a long-term insurer and paid on a regular basis.
Code 4006: Total retirement annuity fund contributions paid or ‘deemed paid’ by employee.

Code 3610 is therefore an income code and code 4006 is a deduction code. Code 3610 can therefore not be included in code 4006. As per SARS Section 10C, the value in code 4006 is used to offset income as stated in code 3610, thereby generating tax free retirement and/or compulsory annuity income to the value of what is stated in code 4006 (RA contributions paid in the present tax year or brought forward from previous tax years). If the value under 4006 is greater than that in 3610, then the excess is carried forward to the next tax year (assuming that there is no other income other than that under code 3610).

 

[TheMightyQuinn]

Gave my accountant my stuff last week Monday. Also then got asked for proof of purchase of my vehicle. Luckily had some info and return was submitted the same day. That Wednesday money was in my account.

Last year it took 4 months....

 

[dunkyd]

2008 and 2010 is way beyond the five years required though?

Wife just got for 2004 to 2014.....
R2250 penalty.
Paid it Friday.
Penalty reversed yesterday.
Kiss the money goodbye.

 

[rambo919]

Latest SARS definitions of source codes 3610 and 4006:

Code 3610: An annuity paid on a regular basis by a retirement annuity fund and/or a compulsory purchased annuity purchased from a long-term insurer and paid on a regular basis.
Code 4006: Total retirement annuity fund contributions paid or ‘deemed paid’ by employee.

Code 3610 is therefore an income code and code 4006 is a deduction code. Code 3610 can therefore not be included in code 4006. As per SARS Section 10C, the value in code 4006 is used to offset income as stated in code 3610, thereby generating tax free retirement and/or compulsory annuity income to the value of what is stated in code 4006 (RA contributions paid in the present tax year or brought forward from previous tax years). If the value under 4006 is greater than that in 3610, then the excess is carried forward to the next tax year (assuming that there is no other income other than that under code 3610).

Thanks, tax is the devil....

 

[handyman007]

How can I check progress of my returm submitted over the weekend? Wait 21 days then phone?

 

[tcofran]

Slightly OT,

We physically submitted my wife's return as there are just to many medical doc's to submit because of my son's medical condition......

So yesterday we get a letter from SARS asking receipts for the R3.2m we are claiming for. WTF ???

Turns out they filled in the Dr's practice number in one of the claims fields....

 

[tottenham]

Wife just got for 2004 to 2014.....
R2250 penalty.
Paid it Friday.
Penalty reversed yesterday.
Kiss the money goodbye.

I was hit with a R500.00 fine when they audited me because i never submitted returns in 2008 and 2009, paid it and then yesterday i got a mail saying that they have reversed my fine. Called this morning and the guy said i must send them a letter asking for my money back which i have done . Send them one and perhaps you get your money back. A bit of cheek that you need to ask for your money back and then only they give it back. I wonder how many millions are going to be claimed by them because no one knows you must ask for your money back. WTF

 

[rambo919]

Wait till they tell you that you have to prove you paid the negative number on a statement of account so you can actually allocate it somewhere... and not realising that at the same time they are admitting the statement of account is thus by extension not really proof of anything.

 

[theriddler]

Put some of my savings into a RA, it's amazing how much tax money you can get back. Even if your RA does not grow a lot, the tax money makes it a great investment. Obviously still need savings for emergencies etc.

Not entirely, because when you inevitably need to live off it the income you draw is fully taxable.

 

[supersunbird]

Not entirely, because when you inevitably need to live off it the income you draw is fully taxable.

One usually pays less tax due to age related rebates.

 

[SekeethaDN]

Does anybody have experience with the NOO via efiling?
I submitted an objection on 14/07.
This was due to documents not received for medical expenses paid.
The turnaround is 60 working days.

 

[rambo919]

Be prepared to wait till the end of the year depending on their workload... or getting a rejection out of the blue with gibberish for an explination as to the rejection.... or actually managing to get the problem properly resolved for once, that happens sometimes too

 

[Kosmik]

Wife just got for 2004 to 2014.....
R2250 penalty.
Paid it Friday.
Penalty reversed yesterday.
Kiss the money goodbye.

Guess I've been lucky then to be audited three times , first after first year at a new job they wondered why no tax returns previous three years, submitted, they owed me 5k. Second 5 years later same but around heavy medical expense but submitted every year since that first audit so I'm good up to 2003.

 

[Sly21C]

I got a statement of account from SARS, and I owe R0.00. I did an online application for a tax clearance, and I am compliant.

 

[Peter1955]

SARS source code 3610 (compulsory annuity income) and RA carry forwards

Has any forum member had experiences i.c.w. SARS allocation of the RA carry forward amounts from previous years against the compulsory annuity income reflected under code 3610? - eg. if the RA carry forward is R120,000 and the compulsory annuity income is R100,000 p.a. (code 3610) then R100,000 of the RA carry forward should be offset against the compulsory annuity income (thereby generating a tax free compulsory annuity income) with the balance of R20,000 being carried forward to the next tax year?

 

[supersunbird]

Latest SARS definitions of source codes 3610 and 4006:

Code 3610: An annuity paid on a regular basis by a retirement annuity fund and/or a compulsory purchased annuity purchased from a long-term insurer and paid on a regular basis.
Code 4006: Total retirement annuity fund contributions paid or ‘deemed paid’ by employee.

Code 3610 is therefore an income code and code 4006 is a deduction code. Code 3610 can therefore not be included in code 4006. As per SARS Section 10C, the value in code 4006 is used to offset income as stated in code 3610, thereby generating tax free retirement and/or compulsory annuity income to the value of what is stated in code 4006 (RA contributions paid in the present tax year or brought forward from previous tax years). If the value under 4006 is greater than that in 3610, then the excess is carried forward to the next tax year (assuming that there is no other income other than that under code 3610).

Thanks, so 3610 is annuity income code...

 

[supersunbird]

Has any forum member had experiences i.c.w. SARS allocation of the RA carry forward amounts from previous years against the compulsory annuity income reflected under code 3610? - eg. if the RA carry forward is R120,000 and the compulsory annuity income is R100,000 p.a. (code 3610) then R100,000 of the RA carry forward should be offset against the compulsory annuity income (thereby generating a tax free compulsory annuity income) with the balance of R20,000 being carried forward to the next tax year?

That is my understanding of how it should work, if the Carried Forward was not used to increase the tax free lumpsum.

 

[Cius]

Almost two weeks since I fled and was selected for audit and I have heard nothing. Hope this does not take too long.