PLEASE NOTE:

MyNews24 is a user-generated section of News24.com. The stories here come from users.

 
Terrylin Backpackers
 
Comments: 5
Article views: 1603
 
 
Latest Badges:


 
View all Terrylin Backpackers's badges.
 

I Was Wrong

19 May 2014, 21:45

I usually watched the final five minutes of each episode of Survivor:  South Africa, before waiting for Carte Blanche, and read this morning that Graham Jenneker was the winner.

Most of the comments were lovely which was expected as well as childish in-fighting, which was also expected.

What interested me though were the comments regarding the taxable amount.

Happyboy  -  What is the total amount after tax?

Shepherd  -  It cannot be taxed.

Rene - The taxman will take his share.  Mandla, the winner of Big Brother, he only got R608 000 of the million.

Bethe  -  Congratulations on your 600k after tax.

Linda Rose  -  Is this prize tax free?  I don't think so which is sad.

Mark  -  I think it is tax free.  It is not classified as gambling tax.

Terrylin  -  (Yes, that's me).  This is not taxable.  Tax is only payable on the interest earned and not the capital should he invest this.

The comment from Koos  -  Sheesh Terrylin, that is not how it works ... the money is taxable immediately .... it's not a lump sum from a retirement plan ..., prompted me to call SARS.

Koos, you are partially correct as I am, along with Rene, Bethe and Mark.

However, after speaking to D at SARS, I am still confused.  D asked me to hold on as she checked gambling tax on the website. (Mark).  I was then told that 18% is applicable up to R1 million and 25% thereafter. 

According to D's calculations, Graham will forfeit R180 000 and not R392 000 (Rene) or R400 000 (Bethe).

D went on to say that a directive must be submitted before the balance would be paid out.  This also applies to a lump sum retirement plan (Koos).

Graham will be taxed on the balance if invested . (Terrylin).

I am confused because D ended with:  "If the Survivor Directive is not submitted, SARS will be none the wiser as this also happens with Lottery and Casino winnings."

I kid you not.

Please could someone, anyone, in the know, clarify this for us?

Disclaimer: All articles and letters published on MyNews24 have been independently written by members of News24's community. The views of users published on News24 are therefore their own and do not necessarily represent the views of News24. News24 editors also reserve the right to edit or delete any and all comments received.

 

Read News24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
5 comments
Add your comment
Comment 0 characters remaining

Read more from our Users

Submitted by
Anton Dekker
What a great compasionate nation ...

We are so caring, it brings a tear to my eye! Read more...

3 comments 53 views
Submitted by
Thamsanqa D. Malinga
It's absolute cow dung sir

I don’t follow Minister Fikile Mbalula on any social media platform nor do I support his party.  Read more...

4 comments 379 views
Submitted by
Peter Currie983
How could they?

After watching a progam on DSTV (Carte Blanche) about elderly abuse I was shocked for two reasons. Read more...

5 comments 250 views
End corruption before it destroys...

Corruption is not taking South Africa anywhere. It is the enemy of development and of good governance and must be eradicated as soon as possible. Read more...

1 comments 54 views
Submitted by
Kalibanache
Having a Heart for an Atheist....

I get pretty buoyant expressing my Christian perspectives and I must say that upon reflection , I remind myself that everybody has their story to tell. Read more...

52 comments 820 views
Submitted by
Gail Shorkend
Load shedding

I was on my way home from a long day at home. Wanting to get home early. Guess what load shedding? Read more...

3 comments 541 views
 

services

E-mail Alerts The latest headlines in your inbox

RSS feeds News delivered really simply.

Mobile News24 on your mobile or PDA

E-mail Newsletters You choose what you want

News24 on your iPhone Get News24 headlines on your iPhone.

News24 on Android Get the latest from News24 on your Android device.

SMS Alerts Get breaking news stories via SMS.

Blogs Your opinion on you, me and everyone.

 
Interactive Advertising Bureau
 
© 2015 24.com. All rights reserved.
There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.




Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.