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Compliance and Legislation
Two pots: good news about tax on lump-sum withdrawals at retirement
National Treasury resolves the conflict between the draft legislation and the explanatory memorandum.
Are you exempt from submitting a tax return for 2023?
Pay attention to the conditions that must be met for an exemption.
FSCA extends merchant banks’ FAIS exemption
The exemption allows banks to provide financial services to certain clients without meeting the requirements of the FAIS Act.
Sars announces deadlines and changes for 2023 tax-filing season
Taxpayers who disagree with an auto-assessment have more time to submit a revised return.
‘Treasury’s fiscal conservatism may undo the solar energy tax break’
Inverters are a crucial part of any solar energy system and excluding them from the tax incentive does not make sense, says Webber Wentzel.
How cyber-criminals can con you when intercepting emailed invoices
Supreme Court says the issue of whether the debtor remains liable for payment in cases of email interception fraud has yet to be settled.
Auditors’ regulator welcomes hike in fines for misconduct
But will this have unintended adverse consequences for the profession?
What private companies should know about beneficial ownership disclosure
To make sense of the new disclosure regime, it is necessary to distinguish the novel concept of a beneficial owner from the pre-existing notion of “beneficial interest”.
Credit agreement concluded electronically is valid, High Court confirms
Defendant also argues a recorded phone call should not be considered because he was not warned it might be used in court.
Partially fraudulent claim: insured forfeits R1.6m
SCA orders a policyholder to repay Discovery Insure the entire settlement, not only the amount related to the fraudulent part of the claim.
‘Many years’ to go before NHI poses a threat to medical schemes, says Discovery
CEO Ryan Noach says there’s ‘no way’ the government can nationalise members’ contributions.
Cosatu wants a higher cap on transfers to fund members’ savings pots
It’s also hoping for concessions on access to the retirement pot when members are retrenched or dismissed.
Seeding will have a minimal impact on retirement funds’ liquidity, says Old Mutual
The updated legislation puts the retirement industry in a better position to be ready by 1 March 2024, it says.
Statutory ombud for small businesses is back on the legislative agenda
The ombud will be able to make awards in respect of non-payment for goods and services.
This is how much you will be able to transfer to your savings pot on 1 March 2024
Retirement fund members who are expecting a big pay-out will be disappointed.
Latest proposals on how the two-pot retirement system will work
A guide to the features of the three components: savings, retirement, and vested.
