RA transferr versus taxable income
By Marc Sevitz · Updated
Hi Tim,
Last year up to July I was paying into an RA with Provider A. I then transferred this to another RA provider B. An amount of R109k was transferred to the new RA after a few deductions. I received a tax doc from Provider A for my contributions up to July. I also received a tax doc for my contributions from new Provider B. However I have just received a tax doc from Provider A stipulating the amount paid out (R109k) and logged against code 3698. This looks like I earned this amount which is not true as it was re-invested into an RA with Provider B. Is there any advice you have so that I don't get taxed on this as an extra income?
Last year up to July I was paying into an RA with Provider A. I then transferred this to another RA provider B. An amount of R109k was transferred to the new RA after a few deductions. I received a tax doc from Provider A for my contributions up to July. I also received a tax doc for my contributions from new Provider B. However I have just received a tax doc from Provider A stipulating the amount paid out (R109k) and logged against code 3698. This looks like I earned this amount which is not true as it was re-invested into an RA with Provider B. Is there any advice you have so that I don't get taxed on this as an extra income?
Is there a number next to the tax directive block on the bottom right hand corner?
Yes there is a tax directive number at the btm right hand corner.
I assume that this will answer to SARS as per tax involved.
Thank You
I assume that this will answer to SARS as per tax involved.
Thank You
Yes, you will not be taxed extra on this amount then. Glad we could help!