PLEASE NOTE:

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

 
Terrylin Backpackers
 
Comments: 5
Article views: 1616
 
 
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
Johan Erasmus
Mandela's legacy

Our great leader is gone, and I hope and pray that someone like him, black, white, coloured, Indian, I don't care; take the rightful spot.  Read more...

5 comments 46 views
Submitted by
Antonius Stark
South Africans - Delusional?

South Africa, as a country, is in trouble. It's not just because of the so-called "leadership" - though that is a massive factor - the citizenry has its own role to play in this sorry state of affairs. Read more...

15 comments 1678 views
Submitted by
Roux de boy
Roux de Boy, The Misanthrope.

The burning desire to rid the world of the evil that he is himself, the living-breathing and fleshy human being.  Read more...

4 comments 141 views
Submitted by
Abwana Boomklouf889
Debt Debt Debt!!!

One thing that worries me looking at the way things seem to be going on in South Africa is the amount of debt the country seems to be building up... Read more...

4 comments 683 views
Submitted by
KopiLuwak
Yay! I’ve got the loan!

In this day and age, where everyone (especially in this country) is trying to pull a fast one on you, it’s so refreshing to be dealing with a trustworthy, scrupulously honest, company. Read more...

13 comments 360 views
Submitted by
Gail Shorkend
Suicide: Life is not a bed of ros...

There must be another way out. There is always a solution to the problem.  Read more...

14 comments 606 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 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.

TV Get us in your home, on your television.

 
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.