Verbal confirmation from the Minister of Finance was obtained this morning that extension for submission of all individual income tax returns (as well as payment of tax) have been granted to 31 July 2016.
The system at Inland Revenue will be amended to change the due date for returns and payments to 31 July 2016.
This should then prevent it from levying penalties and interest for any returns and payments done after 30 June 2016.
Provident fund refunds: I need some clarity on this ASAP. The question Tim ask : Did you receive any pay-outs from your Pension or Provident fund (NOT a Retirement Annuity Fund) for any of the following reasons: fired; quit; retrenchment; cession of the fund; or withdrawal of the fund? This is NOT for pay-outs from retirement, death or ill-health. Do I put in the full claimed amount or only the amount that was paid to me. Here again Tim ask the question: Enter the amount received from the fund ...
Remember : individual income tax return are due 30 June 2016.
Inland Revenue confirmed that tax returns can ALSO be submitted at the some Nampost branches in Windhoek. These are additional facilities and returns can still be submitted at Inland Revenue offices as in the past. The branches are as follows:
The Main Nampost branch situated at the corner of Independence Avenue & Daniel Munamuva Street
Klein Windhoek situated in Nelson Mandela Ave
Pionierspark branch in the Baines Shopping Centre
Food Lovers Market situated in the Metro Shopping Centre in Kleine Kuppe
Khomasdal Branch situated in Borgward Street
Remember to submit your tax return before the due date, 30 June 2016, 17h00
Don't wait to the last minute - click here to do your tax return NOW!
Under the ring fencing section, it is asked if I earned rental income from residential properties. If I earned rental income from commercial properties, should I still answer "yes"? Or does ring fencing only apply to residential properties?
I received a payout from my pension fund (from my former employer) during the tax year. In the "Pension and Provident Fund Refunds" section, do I enter the gross or after tax amount received from the Pension Fund (this is under "Enter the amount received from the Fund")?
I own multiple rental properties but in the "Rental Income" section it only seems to cater for 1 property. This is only problematic for the building allowance section as I have 1 new building (i. E. Qualifies for a 20% allowance) and 1 old building (i. E. Qualifies for a 4% allowance); how do I enter both of these amounts or do I just enter it all together?
Under the "Retirement" section of the tax return on TaxTim, it says "Did you make monthly contributions to a Pension Fund, Retirement Annuity Fund or a Provident Fund OTHER THAN the contributions you already entered before?"
I am on a CTC and only contribute to a pension fund via my Employer. These contributions are therefore not reflected on my PAYE certificate. I have therefore not entered any contributions in the "PAYE 5 Employer Tax Certificate" section of TaxTim (referred to above). Do I now need to enter separately any contributions to the pension fund in the "Retirement" section?
As part of my package, I have a portion structured as a travel allowance but when I used the TaxTim tool in did not prompt me to capture my business km's traveled for the year. Is this correct? Must I only capture it if I receive a vehicle allowance?
I am on a cost to company package but a pension fund contribution shows on my PAYE 5 slip. How do I answer the question, because it says there shouldn't be any amount but there is? Older posts →12345678