30 June 2017 – Enhancements to Tax Directives
Tax Directive enhancements have been implemented as a result of legislative changes. The enhancements to the directive application forms will enable Fund Administrators and Insurers to comply with the legal requirements. The IRP3(s) application is a new form addressing section 8A gains and section 8C amounts. The Recognition of Transfer and the Recognition of Purchase of an Annuity forms (ROT) can now be electronically submitted by the receiving fund.
The enhancements include:
Budget 2017 Tax Guide
This SARS pocket tax guide has been developed to provide a synopsis of the most important tax, duty and levy-related information for 2017/18
Who is a Provincial Tax Payer?
Retirement fund lump sum benefits consist of lump sums
from a pension, pension preservation, provident, provident
preservation or retirement annuity fund on death, retirement
or termination of employment due to attaining the age of
55 years, sickness, accident, injury, incapacity, redundancy or
termination of the employer’s trade.
Click here for the full Budget 2017 Tax Guide
Medical aid tax credits Frequently asked questions is the topic for week 4
Who is a Dependant?
A dependant is:
- A spouse (i.e. husband or wife)
- A child and the child of a spouse (e.g. son, daughter, step son, step daughter, adopted child)
- Who was alive during any portion of the year of assessment, and who on the last day of the year of assessment:
ØWas unmarried and was not or would not, had he or she lived, have been:
ØOlder than 18 years
Medical Aid Tax Credits
Thank you for joining us for the 3rd part in the Medical Aid Tax Credits Series.
How does it work?
Medical Scheme Fees Tax Credit will impact both the employer and the employee. This credit must be taken into account by the employer when calculating the amount of Employees’ Tax to be deducted from the employees’ remuneration.
Example 1 – Determination of MTC for the 2015 year of assessment
Welcome back to Week 2 of the Medical Aid Credits Series
What is Medical Scheme Fees Tax Credits?
- Medical Scheme Fees Tax Credits is a rebate which reduces the normal tax a person pays. This rebate is non-refundable and can’t be carried over to the next year of assessment.
- In other words, this rebate will reduce your normal tax to a lesser amount or nil, however it can’t create a negative amount.
- It applies for years of assessment starting on or after 1 March 2012 (from the 2013 year of assessment).
Who is it for?