Two pots will add complexity to the tax treatment of retirement benefit withdrawals
Withdrawals from the savings and retirement pots will be taxed in different ways.
Withdrawals from the savings and retirement pots will be taxed in different ways.
Lump sums, monthly annuities and salaries are not off-limits to the long arm of the taxman. Taxpayers who have failed to pay their tax debts in full to the South African Revenue Service […]
Many pensioners who received their retirement income from more than one source had lower tax deductions, based on the tables applicable to the individual incomes. This often resulted in tax shortfalls at the […]
The FSCA has appointed a statutory manager for N-e-FG Administrators (Pty) Ltd, saying it is concerned about N-e-FG’s failure to manage the funds it administers responsibly. It is also investigating N-e-FG’s conduct relating […]
The latest move by the South African Revenue Service (Sars) to require the withholding of PAYE from annuity payments at an “effective tax rate” as required in directives issued to payers of annuities […]
The Taxation Laws Amendment Act (TLAA) of 2021, which, among things, gives retirement fund members greater flexibility in terms of the type of annuities they can purchase, was promulgated on 19 January. The […]
More South Africans are realising the value of life cover, with purchases of risk policies up significantly in the first six months of this year, while there has been a marked reduction in […]
More South Africans are realising the value of life cover, with purchases of risk policies up significantly in the first six months of this year, while there has been a marked reduction in […]
Now is a good time for retirees to secure a guaranteed income for life. According to retirement income specialist Just, if your retirement savings were invested in balanced funds through the market turmoil […]
In 2016 the Johannesburg High Court ruled that a living annuity does not form part of a spouse’s estate for purposes of calculating the accrual claim. This ruling has now been overturned by […]
“…we have expanded access to living annuity funds by allowing (the) individual to adjust the proportion they receive as an annuity income, instead of waiting up to one year until their next contract […]
National Treasury has confirmed that the 2016 Revenue Laws Amendment Act, promulgated on 20 May 2016, qualifies provident fund members for a tax deduction on their own contributions ‘without being required to annuitise […]
Patrick Cairns of Moneyweb recently published an article on this question which is particularly relevant in the current climate of expected interest rate increases. Q: I retired last year and invested my capital […]