Dieketseng Mphuthi

[Koshiek Karan @iamkoshiek]

this is an actual nightmare 💔💔

PLEASE request your retirement fund sheet today!! Your employer could be defaulting on your contributions.

[🤍. @heauxbusiness]

AI training. We used to take-home close to R10000 every week as a part time job when I was with Invisible Technologies.

[Dieketseng Mphuthi @MISDIKY]

@Musa_SMakondo @Bokang_BigSis You can request for remission of admin penalty.

[fresils @iFresils]

your death is way more guaranteed than your wedding day. so instead of looking for the love of your life, start living your life with love.

[Dieketseng Mphuthi @MISDIKY]

@JerryVanLamola @MissTee_H2O @KhanyisaniNtul4 Withdrawals from the retirement savings pot are taxed at your marginal tax rate because the contributions were originally tax deductible. SARS treats the withdrawn amount as extra, regular income for that tax year rather than a retirement lump sum.

[Dieketseng Mphuthi @MISDIKY]

@JerryVanLamola @MissTee_H2O @KhanyisaniNtul4 If you lose your job, you may withdraw from your vested pot. A different tax table is used to calculate the tax on this type of withdrawal, and the tax is generally lower than the tax applied to withdrawals from the savings pot

[Dieketseng Mphuthi @MISDIKY]

@JerryVanLamola @MissTee_H2O @KhanyisaniNtul4 This is not the complete tax table used to calculate the tax on your income. I was highlighting the MTR % applicable to each income bracket, as this is the rate used to calculate the tax on the two pot withdrawal to explain why the tax deducted may appear to be so high.

[Dieketseng Mphuthi @MISDIKY]

@DeanLew74 @KhanyisaniNtul4 @mshikaslindile True the 2 pot withdrwal increases your taxable income.

[Dieketseng Mphuthi @MISDIKY]

@DeanLew74 @mshikaslindile @KhanyisaniNtul4 You would only need to contact the fund administrator if the IRP5 certificate was not pre-populated on your tax return. As you won't be able to submit your return because you'll receive the following error "Tax directive issued but no lump sum declared contact ur fund admistrato"

[Dieketseng Mphuthi @MISDIKY]

@DeanLew74 @mshikaslindile @KhanyisaniNtul4 If the amount was in your assessment it means the IRP5 was already prepopulated on your return. Open your 2025 ITR12 check the no of IRP5 certificates on the wizard then scroll down to the IRP5's tab you will find it there.

[Dieketseng Mphuthi @MISDIKY]

@DeanLew74 @mshikaslindile @KhanyisaniNtul4 You won't get the tax paid on the 2 pot withdrawal back. Your assessment might result in an amount payable to SARS. If you do get a refund it will not be due to the tax you paid on the 2 pot withdrawal but other factors such as deductible expenses and medical tax rebates,etc.

[Dieketseng Mphuthi @MISDIKY]

@DeanLew74 @mshikaslindile @KhanyisaniNtul4 Check your IT12 return the IRPR is already prepopulated on your return.

[Dieketseng Mphuthi @MISDIKY]

@DeanLew74 @mshikaslindile @KhanyisaniNtul4 It is because the amount you withdrew is included in your taxable income, which results in additional tax being payable to SARS.

[Dieketseng Mphuthi @MISDIKY]

@MissTee_H2O @KhanyisaniNtul4 Its is based on your marginal tax rate.
Taxable income Marginal tax rate
R1 – R245,100 18%
R245,101 – R383,100 26%
R383,101 – R530,200 31% R530,201R695,800 36%
R695,801 – R887,000 39%
R887,001 – R1,878,600 41%
Above R1,878,600 45%

[Dieketseng Mphuthi @MISDIKY]

@KhanyisaniNtul4 @mundawoclan @glamfika Askies,You should have used the 2 pot calculator on their website before you withdrew.

[Dieketseng Mphuthi @MISDIKY]

@KhanyisaniNtul4 That R30,000 will be included in your taxable income, which may result in additional tax being payable to SARS. So basically you are taxed twice on your 2 pot withdrawal.

[Dieketseng Mphuthi @MISDIKY]

@Kane_GM9 @Tokyo_Trev Bathong 🤣🤣🤣🤣🤣

[Dieketseng Mphuthi @MISDIKY]

@SekakatNoko @zwidenyapT @_simplyenny Wehh did you atleast make provisional tax payments?

[Dieketseng Mphuthi @MISDIKY]

@NqabakaziPhend1 @KhananiShingan1 I can relate to this mine went from size 3 to 5.

[Dieketseng Mphuthi @MISDIKY]

@jjames23x @_ayanda_sengane