Tax breaks for retirement funding
While there are very few tax breaks for individuals, some huge ones are available for retirement funding. Retirement tax breaks in South Africa are designed to incentivise individuals to save for retirement and provide them with tax relief on contributions to retirement funds. The government has implemented various tax incentives over the years to encourage […]
Your retirement ‘gift’ to SARS
Tax payable on your retirement lump sum In last month’s issue of Tax Breaks, we dealt with the tax treatment of retirement lump sums when one resigns or is dismissed (prior to reaching normal retirement age). However, when you actually retire from a retirement fund, the rules are a bit different – and SARS gives […]