What does SARS code 3920 mean?

What does SARS code 3920 mean?

Lump sum withdrawal benefits
3920. Lump sum withdrawal benefits (PAYE) Lump sum payment with a date of accrual after 1 March 2009 in the form of withdrawals from a pension, pension preservation, provident, provident preservation or retirement annuity fund – this includes divorce orders, emigration withdrawals and withdrawals due to visa expiry.

What is SARS source code?

A source code is a four digit identifier / number that SARS uses to capture information on the income tax return. It will usually appear alongside the amount it relates to.

What is SARS source code 4582?

This code represents the total remuneration that is used for the purposes of the allowable deduction for pension, provident and retirement fund contributions. SARS limits the deductions allowed to any retirement funds to 27.5% of this value (per the changes in March 2016).

Where can I find a tax code?

There are several places you can find your tax code: Payslips – weekly or monthly, from your employer. P60 – your annual tax summary, from your employer. P45 – document received from an employer when you stop working for them. HMRC – if you cannot find any of these documents, then call HMRC.

Do Commission earners pay UIF?

Unfortunately, commission earners and freelance employees are not contributors to the UIF and therefore, they do not qualify for this benefit. The money is being paid either through employers, bargaining councils, employer associations or directly to employees.

What is SA tax code?

6B “SA” tax code If an employee has notified their employer that the employee’s tax code is “SA” under section 24C of the Tax Administration Act 1994, the basic tax rate amount for a payment of secondary employment earnings is set by applying the rate of 0.390 for each dollar of the payment.

What is the UIF limit for 2021?

R17 712.00 per month
On the 28th of May 2021, Finance Minister Tito Titus Mboweni, signed off Gazette No 44641, which determines the limit for the Unemployment Insurance Fund contribution. Effective from 1 June 2021, the contribution limit for UIF has increased from R14 872.00 per month to R17 712.00 per month.

What is the maximum UIF payment 2020?

The UIF payout system makes payments in the percentage of the salary you earned while contributing to it. The highest amount that can be paid is 58% of what you earned per day.