5 June 2016 at 4:25
Dear Tim I have 2 full time jobs,and I have been placed in a category thus both work places deduct too little. I had to pay in quite alot of money due in the category in which I fall. My question one of the jobs is a contract which gets renewed every 4 years after which I get a gratuity as I dont have a pension fund. With the renewal of my current contract which was in 2014 I had to work part time for a couple of months due to certain signatures as iam a foreigner. Does the revenue still charge you although you are not full time employed for that couple of months? Every time when I go to enquire iam being sent back & forth with no clear answer. At the end of my contract the gratuity amount is as huge. Why is this?
Next question I pay lots of taxes for various stuff what should I submit with my form I never know:(.?. Can I
Hand in annuity for a monthly pension fund that I pay?Taxes to Engineer for my house which is being built? The bank?My vechile and insurrance that I pay. What can one claim or submit with Forms?
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5 June 2016 at 7:46
Please note Gratuities are taxed partially, N$300,000 is exempt from tax, then the remainder is divided in 2 and taxed in 2 years in your tax return.
If you use taxtim to complete your tax return, just select the gratuity section and he will ask you to complete it according to the explanation above.
To answer your question - yes you have to declare any income receive from employment if it is only from part-time employment. A note for your employer - you can approach them and request that they deduct your tax according to the tax bracket in which you fall with the combined income. Also they were suppose to deduct some PAYE from your gratuity.
To answer your second question - depending on the structuring of your income, i.e. the allowances you receive - it will determine which deduction will be allowed. Use TaxTim to do your tax return and read the information carefully so you can follow where you are allowed to claim expenses.