Treasury moves to end ‘double dipping’ the TFSA and retirement fund tax exemptions
An anomaly in the Act results in the creation of two years of assessment during a single 12-month period when an individual ceases to be a tax resident.
Retirement Fund
SARS pays back R10bn, but some taxpayers’ refunds are being withheld
Taxpayers should inform SARS if they have been unemployed for a full year or longer, to avoid being flagged as non-compliant.
Read more
What requirements must an employer satisfy for retirement benefits to be withheld?
Court clarifies the grounds on which an employer may interdict a retirement fund from paying out a benefit.
You can take more money from your retirement fund without paying tax
Taxable income bands in the withdrawal tables adjusted by 10%.
Beneficiary nomination updates and crypto assets in a will
New trends call for new requirements. Help your clients to fulfil their wishes when the time comes.
‘Interrogate a guardian’s circumstances before deciding where to pay a death benefit’
A beneficiary fund should not be the default choice when a retirement fund pays out a death benefit due to minor beneficiaries, but trustees must interrogate a guardian’s circumstances and intentions before making […]
Treasury publishes draft two-pot retirement system legislation
The two-pot retirement system will come into effect on 1 March next year, according to draft legislation published for public comment by National Treasury on 31 July. However, in an accompanying media release, […]
New Sars conditions on buying an annuity at retirement
The SA Revenue Service (Sars) has issued Binding General Ruling 58, which sets out the approvals by the Sars Commissioner when purchasing an annuity at retirement. This follows the withdrawal of General Notice […]
Default regulations for retirement funds – Applicable from 1 March 2019
The Minister of Finance issued the Default Regulations with effect from 1 September 2017. The Default Regulations prescribe conditions for default investment portfolios, default preservation and portability, and annuity strategies for funds. All new default […]
Default regulations for retirement funds – Applicable from 1 March 2019
The Minister of Finance issued the Default Regulations with effect from 1 September 2017. The Default Regulations prescribe conditions for default investment portfolios, default preservation and portability, and annuity strategies for funds. All new default […]
Retirement Funds Default Regulations
The latest ASISA Dispatches comments as follows: The final regulations were issued by the Minister of Finance on 25 August 2017. The effective date is 1 September 2017 with 18 months being afforded for existing default arrangements to […]
Retirement Fund Contribution Update
Some sweeping changes will take effect from 1 March 2016. The Taxation Laws Amendment Act No. 25 of 2015 that was published in Government Gazette No. 39588 on 8 January 2016 confirms the changes to the tax […]
