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.
Tax
Treasury wants to exclude these ‘legacy’ RA funds from the two-pot system
Plus: the proposals for defined-benefit funds, inter-fund transfers, section 37D deductions, and the taxation of contributions and growth.
Understand when tax is triggered on crypto assets
Clarity on when a gain is considered revenue or capital.
New green energy fund offers investors a tax break of up to 100%
As with the similar section 12J investment incentive schemes, the barrier to entry is high.
Don’t stop paying tax, vote for a better government, says Sars commissioner
Edward Kieswetter also shares his views on tax breaks for home electricity generation and a wealth tax.
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.
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.
Sars announces important change to Voluntary Disclosure Programme
The VDP allows taxpayers to come clean on non-compliance that may lead to penalties discovered by Sars.
Basic income grant: more money in poor people’s pockets but at a heavy cost
Analyses of the implications of extending income support measures in South Africa, including a basic income grant (BIG), have focused on one of three things: how much it will cost, calculations about how […]
No more supplementary declaration forms, but verification of corporate taxpayers remains
Sars will now ask for specific supporting documents targeted at addressing particular risks.
Treasury agrees to three of Cosatu’s responses to the proposed two-pot system
National Treasury has “loosened the lids” on the pots in the two-pot retirement system, agreeing to amend the draft legislation so that fund members will be able to access the savings they accumulated […]
Other concessions by Treasury on potentially ambiguous two-pot provisions
National Treasury has proposed amending the draft two-pot retirement legislation to clear up a number of grey areas identified by stakeholders. The proposed changes were announced on Tuesday, when Treasury addressed the National […]
Administrators, funds will need 18 months to prepare for two-pot system, says Asisa
The Association for Savings and Investment South Africa (Asisa) says retirement funds and administrators would like at least 18 months from the date on which the final legislation is gazetted in which to […]
Sars ruling highlights need to understand implications of investing in hybrid offshore pension products
South Africans are increasingly mobile, either working abroad, staying abroad for extended periods, or opting to retire outside of South Africa. This has increased the focus on foreign pension products because South African […]
A deeper look at the two-pot retirement system
Blessing Utete, the managing executive of Old Mutual Corporate Consultants, spoke to Mark Bechard, the managing editor of Moonstone publications, about National Treasury’s draft legislation for the two-pot retirement system. Read: Treasury publishes […]
Top 10 points of interest in the planned two-pot system for retirement savings
When asked by the host on a talk show what the African equivalent of the Spanish word mañana is, the guest from our continent answered: “We do not have any word that describes […]
What’s keeping women out of leadership in professional services?
The audit, tax and advisory industry has transformed significantly over the years and gradually the skills pool in this industry has become more diverse. Despite developing the same skills and receiving the same […]
