PLEASE NOTE:

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

 
Terrylin Backpackers
 
Comments: 5
Article views: 1529
 
 
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
Meta
News in the digital age

How do you think that spreading your hate/bigotry and or intolerance helps anybody? Read more...

11 comments 692 views
Submitted by
Brian Faul
How and why a Dictator is born

One needs to remember looking back in history these hard times is when a dictator is more likely to get born. It is during these hard times that a dictator gets voted into power. Read more...

5 comments 1450 views
Submitted by
Prenisha Naidoo
I will be proactive...

This letter is in response to articles on the death of baby Jamie Naidoo, We have the tendency to be reactive…we wait for something to happen, then suddenly we care, writes a News24 User. Read more...

2 comments 400 views
Submitted by
woadstress
Celebration

Make a list of at least ten things that you can celebrate, and write two or three reasons why you can celebrate those things or events. Read more...

1 comments 122 views
Submitted by
Eric de Castro
Last squeak of the year

 Read more...

12 comments 146 views
Submitted by
MarkH

Jobs in Cape Town [change area]

Property [change area]

Travel - Look, Book, Go!

Kalahari.com - shop online today

2DAYS ONLY – 30% off Appliances

Coffee makers, blenders, fans, juicers and more. T&Cs apply. Shop now!

2 DAYS ONLY – 40% off books

Get 40% off when you buy 2 books. For two days only! T&Cs apply. Buy now!

Up to 50% off on outdoor gear

Save on chairs, blankets, cooler bags, umbrellas and more. Shop now!

Save on Samsung

Cameras, mobile phones, TVs, Tablets and more. While stocks last. Shop now!

Grand Theft Auto 5

Now available on PS4, Xbox One and PC from R649. Buy now!

OLX Free Classifieds [change area]

Samsung Galaxy s4

Mobile, Cell Phones in South Africa, Western Cape, Cape Town. Date October 24

Best bargain in big bay

Real Estate, Houses - Apartments for Sale in South Africa, Western Cape, Cape Town. Date October 25

VW Golf 6, 1.6 Trendline (Excellent condition)

Vehicles, Cars in South Africa, Western Cape, Cape Town. Date October 25

 

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.

SMS Alerts Get breaking news stories via SMS.

Blogs Your opinion on you, me and everyone.

Calais Website keywords automated by OpenCalais.

 
Interactive Advertising Bureau
 
© 2014 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.