capital gains tax
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
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
If a couple is married in community of property, both spouses remain jointly and severally liable for all the debt in estate, including any debt that was incurred before the date of marriage. Upon the death of the first-dying spouse,
Once you have a living annuity in place, you are permitted to make additional contributions towards your investment provided that the funds are from an approved retirement fund. For instance, if you later decide to retire from a retirement annuity,
Most banks or financial institutions operate Money Market Accounts, which are effectively savings accounts with more favourable interest rates which are advertised upfront. Money Market Accounts are generally low-risk, highly liquid investments which allow account holders to easily, and to
If you have not yet received your IRP5 or IT3(a)s and other tax certificates, such as your medical aid certificate or retirement annuity certificate, you should contact your employer and/or service providers to obtain these as soon as possible.
Another mechanism for ensuring effective succession planning is by nominating beneficiaries to your life policy or living annuity. If you wish to provide capital to your spouse and/or children in the event of your death, taking out life cover is
Because the aim of a living annuity is to provide the policyholder with a regular income throughout retirement, limits are placed on the level at which investors can draw down from their investment. As it currently stands, investors can select
Once you’ve identified an area that you feel suits your needs, make a concerted effort to do as much research as possible. Firstly, check what other properties have recently been sold in that area and at what price. This will
Your tax commitments do not die with you and it is important to note that SARS has first claim to what is owing to them. In fact, a deceased estate cannot be finalised until your tax affairs have been fully
