requirements be met: The policy
must be a life, disability, health or
a funeral policy. The policy must be
effected by the insolvent on his/her
own life or that of his/her spouse.
The policy must have been in force
for a minimum of 3 years prior to the
date of insolvency
Contact us on Office:
(SA) 021-035 0372
NEW TAX IMPLICATIONS FOR 2015
Firstly, all proposed tax changes to
retirement funds have been delayed
until 2016 and even possibly 2017.
This means that the increased tax
deductibility of up to 27.5% on all
retirement funds have been delayed
for the time being. More good news
- Section 12T of the Act provides that
from 1 March 2015, an individual
can rely on a tax free savings
account subject to the contributions
having a R30,000 per year limit and
R500,000 per lifetime limit. Anything
over and above the aforementioned
amounts shall be taxable at a 40%
penalty. Even though this savings
account is tax free, it is still subject
to Estate Duty. The 1st of March
2015 is also the commencement
date for income continuation benefit
premiums to no longer be tax
deductible for individuals and/or
employees. The pay-out is tax free
in the hands of the claimant shou