Financial Planning
In the event of your death, the funds held in your retirement annuity do not form part of your deceased estate and are not included when calculating your estate duty liability or executor’s fees – meaning that your RA effectively
In terms of the Income Tax Act, death is considered a capital gains event and the deceased person is deemed to have disposed of his assets for an amount equal to the market value of the assets at the date
As a TFSA investor, you are permitted to invest up to R36 000 per year towards your account, with a lifetime contribution limit of R500 000. But, any withdrawals that you make from your TFSA will be deducted from your
The L&D account must then be advertised in the local newspaper and government gazette in terms of Section 35 of the Act. The provides an opportunity for any interested parties to lodge objections with the Master. If no objections are
Where a special power of attorney has been granted, this mandate normally terminates automatically after the agent has performed the specific juristic act that he has been authorised to carry out. However, while the principal to a power of attorney
If you are declared insolvent, Section 37B of the Pension Funds Act provides that the funds in your retirement annuity are protected from your creditors, although this does not mean that your RA funds enjoy complete protection from creditors.
At the end of the tax year, your retirement annuity service provider will provide you with an IT3(f) tax certificate which is a summary of the details of all the contributions you made to an RA for the year, and
Preservation funds are specifically designed to preserve accumulated capital, which is intended for retirement, and make an attractive option for those leaving employment through retrenchment, resignation, or dismissal. While their withdrawal rules are aligned with pension funds and the new
