The following info is based on commentary from SARS dated 19 January 2022. Where a pensioner has ONE source of income during a tax year, the SARS employees’ tax (PAYE) […]
Pension Funds
Inheritance tax explained
Reference guides, standards and legislation SARS Accounting Guideline GRAP 23 – Revenue From Non-exchange TransactionsAccounting Standards Board – Standard of Generally Recognised Accounting Practice – Revenue From Non-exchange Transactions (taxes […]
Tax and retirement
Reference sites, guides and legislation: www.sars.gov.zaGuide on the calculation of the tax payable on lump sum benefitsRates and Monetary Amounts and Amendment of Revenue Laws ActIncome Tax ActTax Administration Laws […]
Conduct of Financial Institutions Bill – second draft available and the effect on Pension/Retirement Funds
Following on the Financial Sector Regulation Act, 2017 (“FSR Act“), the Conduct of Financial Institutions Bill (“COFI“) was published by the Minister of Finance in December 2018 for public comment […]
Taxation Laws Amendment Bill, 2020 and Tax Administration Laws Amendment Bill, 2020 now promulgated as law in January 2021
Reference documents from www.sars.gov.za (latest news sub-section) Rates and Monetary Amounts and Amendment of Revenue Laws Act, 2020, (Act No. 22 of 2020)Taxation Laws Amendment Act, 2020 (Act No 23 […]
The Financial Sector Conduct Authority’s proposal to make crypto assets a financial product
Reference documents: Press Release – Draft Declaration of Crypto Assets as a Financial Product by the FSCA, dated 20 November 2020Statement in support of the Draft Declaration of Crypto Assets […]
Government Employees Pension Fund and Child Pension
WHO IS GEPF? The Government Employees Pension Fund (GEPF) is Africa’s largest pension fund with more than 1.2 million active members, in excess of 450 000 pensioners and beneficiaries, and […]
Bargaining Councils, what are they?
South Africa currently has over 40 bargaining councils operating nationwide. What exactly is a bargaining council? A bargaining council is a body that is established by one or more employers’ […]
Capital Gains Tax for Companies – part 3
In this article we will continue discussing the basics of Capital Gains Tax with an emphasis on calculations and information regarding gains or losses. Recall from article “part 2” the […]
RETURNS TO BE SUBMITTED BY A PERSON IN TERMS OF SECTION 25 OF THE TAX ADMINISTRATION ACT, 2011 (ACT NO. 28 OF 2011)
Gazette Number 43495 dated 03 July 2020 was published by the Commissioner of the South African Revenue Service (SARS) and is an update to the requirements for submitting / not-submitting […]