tax year
In terms of calculating estate duty, there is an abatement on the first R3.5 million of the value of the estate which is not subject to tax. If the deceased is the first-dying spouse, they may roll over any unused
If you are an individual investor, you can use your annual capital gains tax exemption, being the first R40 000 of gains made on your investment portfolio, to rebalance their portfolios if necessary.
As an aside, it is important to note that this type of trust can only be set up for the benefit of a disabled person and no one else’s benefit. Where there are two or more beneficiaries to your trust,
Where you hold REITs in a retirement fund, you will not be liable for tax on distributions, and the ability to reinvest and compound these before-tax distributions within your retirement fund over a long period of time is a significant
For a donation mortis causa to be effective, the donation must be in writing and must be signed by the donor, donee and two witnesses before the donor’s death. Being contingent on a future event, the donor is free to
Once you’ve maximised your retirement fund contributions, consider enhancing your long-term savings by investing through a tax-free savings account (TFSA). Or, if you already have a TFSA in place, consider maximising your annual allowable contributions.
f selecting a fund or combination of funds is overwhelming, you may want to consider using a multi-manager. Asset management and the selection of underlying unit trusts require an enormous amount of expertise and skill, and a multi-manager approach has
Investors are permitted to take out as many retirement annuities as they like. However, the tax benefit is calculated in aggregate and not in respect of each retirement annuity. Similarly, the tax-free portion at retirement may only be claimed once.
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
Tax legislation permits you to invest up to 10% of your taxable income towards charity on a tax-deductible basis, although it is important to know that this tax deduction is not automatic. In order to claim a tax deduction, SARS
