A Fin24 user wants to know about submitting taxes when one is retired. He writes:
I am retired and live from interest income only. The interest is received from an investment at a South African bank.
I am 65 years of age and married in community of property. My Sars rebates and medical matters totals R76 880, which leaves the taxable amount as a credit.
Is tax submission still required? Sars also requested me to submit all the related documents for the year.
Is it also correct to have such figures as a credit taxable total?
Marc Sevitz of TaxTim responds:
If the taxable amount is a credit, then there would be a zero payment due to Sars, and if you do not pay any PAYE during the year, then you would not receive a refund either.
If you have submitted a return, then Sars can request to verify the supporting documents, so you would need to send these to them.
As a taxpayer over the age of 65 years, but earning under the taxable threshold for your age group, then there would be no need to submit a tax return.
- Fin24
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Disclaimer: Fin24 cannot be held liable for any investment decisions made based on the advice given by independent financial service providers.
Under the ECT Act and to the fullest extent possible under the applicable law, Fin24 disclaims all responsibility or liability for any damages whatsoever resulting from the use of this site in any manner.
I am retired and live from interest income only. The interest is received from an investment at a South African bank.
I am 65 years of age and married in community of property. My Sars rebates and medical matters totals R76 880, which leaves the taxable amount as a credit.
Is tax submission still required? Sars also requested me to submit all the related documents for the year.
Is it also correct to have such figures as a credit taxable total?
Marc Sevitz of TaxTim responds:
If the taxable amount is a credit, then there would be a zero payment due to Sars, and if you do not pay any PAYE during the year, then you would not receive a refund either.
If you have submitted a return, then Sars can request to verify the supporting documents, so you would need to send these to them.
As a taxpayer over the age of 65 years, but earning under the taxable threshold for your age group, then there would be no need to submit a tax return.
- Fin24
Do you have a pressing financial question? Post it on our Money Clinic section and we will get an expert to answer your query.
Disclaimer: Fin24 cannot be held liable for any investment decisions made based on the advice given by independent financial service providers.
Under the ECT Act and to the fullest extent possible under the applicable law, Fin24 disclaims all responsibility or liability for any damages whatsoever resulting from the use of this site in any manner.