Retirement: Tax directive simulations now on Sars eFiling profile

This tool may be used to easily determine a member’s estimated tax liability.

Tax, Retirement

2022-01-27 08:05:00 PM

[ADVISOR VIEW] The lump sum calculation tool may be used to easily determine a member’s estimated tax liability on retirement fund lump sums and severance benefits: WouterFourie - Ascor_Wealth. PersonalFinance

This tool may be used to easily determine a member’s estimated tax liability.

The tool estimates the tax liability based on the information that is entered into the lump sum calculator and the information that Sars has on its system at the time of capturing. Taxpayers and tax practitioners are encouraged to use this tool should they wish to get an estimate of their tax liability prior to submitting an instruction to their retirement fund administrator and/or employer, as the instruction cannot be cancelled once it has been submitted.

To access this lump sum calculation tool, select the ‘Lump Sum Calculator’ option on the landing page of the taxpayer’s eFiling profile. For more information, you may refer to Sars’s external ‘Guide to The Tax Directive Functionality on eFiling’.

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Tax revenue collections declined by 7.8% last year as Covid-19 hit hardTotal tax revenue collections for 2020/21 declined to just less than R1.25-trillion from close to R1.35-trillion collected the previous year. ...and with the inept ANC with their kleptocratic and idiotic ideological policies afoot, it is going only one way, and that is downwards... Unwaveringly committed to killing the goose that lays the golden egg...

Tax revenue collections declined by 7.8% last year as Covid-19 hit hardTotal tax revenue collections for 2020/21 declined to just less than R1.25-trillion from close to R1.35-trillion collected the previous year. Well, will that be the reason sarstax is taking more than two months to pay what is due to me?

Ignorance about the tax dispute process is certainly not blissThe rules governing the tax dispute resolution process are supposedly straightforward, but negligence and misapplication of the rules by sarstax and ignorance on the part of taxpayers serve to frustrate the process. Monetweb Tax

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Tax collection severely affected by pandemicWhen the 2020 budget projections for tax revenue was announced in February 2020, nobody could foresee the massive impact the pandemic would have on tax revenue. Now we know how big that impact was.

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Great news, the South African Revenue Service (Sars) has made a lump sum calculation tool available on the taxpayer’s eFiling profile. This tool may be used to easily determine a member’s estimated tax liability on retirement fund lump sums and severance benefits and can also be used to obtain previously issued tax directives. The tool estimates the tax liability based on the information that is entered into the lump sum calculator and the information that Sars has on its system at the time of capturing. Taxpayers and tax practitioners are encouraged to use this tool should they wish to get an estimate of their tax liability prior to submitting an instruction to their retirement fund administrator and/or employer, as the instruction cannot be cancelled once it has been submitted. To access this lump sum calculation tool, select the ‘Lump Sum Calculator’ option on the landing page of the taxpayer’s eFiling profile. 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