tax return 2011

Oh wait, it seems to have refreshed now. Thanks :) I just wasn't sure to press refresh, in case something went wrong.
 
Submitted mine yesterday morning and had the notice of assessment yesterday afternoon. Must be automated?
 
Just filed and the online calculator read -R3222.00 :whistle:
Hopefully it stays that way!
 
I filed on Friday the 1st and still no notice of assessment. Last year I did it a few days after the first and it was done within a few days, must be the luck of the draw.

That said, it is still only 3 days.
 
What about interest gained on money saved? eg money market. Does one need to list this on the return?
 
AFAIK it is only income received by way of dividents that need to be declared. I stand to be corrected.
 
Viper25 said:
What about interest gained on money saved? eg money market. Does one need to list this on the return?
Click to expand...

iirc you need to declare that as well, but it has to exceed a certain amount (20K or thereabouts) before you pay tax.
 
srothman said:
AFAIK it is only income received by way of dividents that need to be declared. I stand to be corrected.
Click to expand...

no that will go in your Taxable income :) but you get an allowance of R22 300 on it (18.6k if you have used the 3.7k foreign dividend allowance) so if its under that you wont be taxed on it, but it should go in to TI.
 
Does anyone know if a pensioner (71), who is getting a monthly pension and a monthly annuity pay-out, have to pay tax?

My dad had the unlucky draw the last 2 yrs - he had to pay in R1800. I started the e-filing process, double check values and fill everything in, calculate the thing and then it say just +/- R96 he owes them, but after he recheck and submit, they say it's around R1800.

So maybe we are doing something wrong somewhere.
 
snail112 said:
Does anyone know if a pensioner (71), who is getting a monthly pension and a monthly annuity pay-out, have to pay tax?

My dad had the unlucky draw the last 2 yrs - he had to pay in R1800. I started the e-filing process, double check values and fill everything in, calculate the thing and then it say just +/- R96 he owes them, but after he recheck and submit, they say it's around R1800.

So maybe we are doing something wrong somewhere.
Click to expand...


snail - unfortunately this is the problem with annuities. the brokers are quick to tell people that they can get a tax deduction on their returns every year but when it comes to maturing this is where the problem lies. the annuity pays out each month and no tax is deducted. then when the return is submitted all the income is added together and the result is due by you because the person is suddenly in a higher income bracket. my advise to you is to get a tax directive instructing the institute to deduct X amount of tax each month from the annuity so that your father doesn't have to pay in each year.

look on the SARS website - left hand side - all forms. look for tax directives and complete the IRP3 (b). take it in to SARS and they will issue an instruction to the institute to deduct the tax each month. you will have to do this annually.
 
Viper25 said:
What about interest gained on money saved? eg money market. Does one need to list this on the return?
Click to expand...

you must declare all interest no matter how big or small it is. it is declared under code 4201.
 
Filed Sunday eve 03/07. Got assesments 04/07 . Got Paid 05/07 :twisted: MAD MONEY :twisted:
 
Filed Sunday afternoon and got payment notification this morning saying the money's in my account. Very quick!
 
What does this mean:

SARS Status
Your Tax Return has been assessed.

Does this mean they finished, because yesterday they asked for supporting documents which I uploaded?
 
xrapidx said:
What does this mean:

SARS Status
Your Tax Return has been assessed.

Does this mean they finished, because yesterday they asked for supporting documents which I uploaded?
Click to expand...



yes rapid it is now assessed. when people submit early - as in now, the assessments will be done quickly. it's when people start submitting the returns next month onwards one will find that there is a waiting period for the assessments to be done. usually august a lot of people submit and that's when there becomes a backlog.

so if you want your refunds now submit now and get your refund.
 
Celine said:
yes rapid it is now assessed. when people submit early - as in now, the assessments will be done quickly. it's when people start submitting the returns next month onwards one will find that there is a waiting period for the assessments to be done. usually august a lot of people submit and that's when there becomes a backlog.

so if you want your refunds now submit now and get your refund.
Click to expand...

Thanks - thought as much - still wondering whether its a good idea claiming against my house's bond...
 
Celine said:
snail - unfortunately this is the problem with annuities. the brokers are quick to tell people that they can get a tax deduction on their returns every year but when it comes to maturing this is where the problem lies. the annuity pays out each month and no tax is deducted. then when the return is submitted all the income is added together and the result is due by you because the person is suddenly in a higher income bracket. my advise to you is to get a tax directive instructing the institute to deduct X amount of tax each month from the annuity so that your father doesn't have to pay in each year.

look on the SARS website - left hand side - all forms. look for tax directives and complete the IRP3 (b). take it in to SARS and they will issue an instruction to the institute to deduct the tax each month. you will have to do this annually.
Click to expand...

Thanks Celine, I'll tell him.

I told him to open a savings account and put R200 away each month, then at the tax day X he has the money to pay for it.

I'll drop them an e-mail and ask to briefly explain the IRP 3 (b).
 
Last edited:
You must log in or register to reply here.
Back
Top
Sign up to the MyBroadband newsletter
X