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Home Tags Draft Taxation Laws Amendment Bill (draft TLAB)

Tag: Draft Taxation Laws Amendment Bill (draft TLAB)

Retirement savers still free to sabotage themselves

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Even after the final reforms are in place investors will remain free to be their own worst enemy. Almost 10 years after National Treasury embarked on its mission to strengthen South African retirement savings, as reflected in the Taxation Laws Amendment Bill of 2020, the final reforms are scheduled to come into effect on March 1 but, unfortunately, fund members will still be free to sabotage their own retirement.

President Ramaphosa signs 3-year retirement fund lock-in into law

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The President, on 15 January 2021, assented to the Taxation Laws Amendment Act No. 23 of 2020 (TLAA), which was subsequently promulgated on 20 January 2021. Despite the blow back last year on the proposed amendment to the withdrawal of retirement funding in SA based on emigration, this amendment has now been signed into law and will become effective on 1 March 2021.

Times of change for retirement funding

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1 March 2021 marks a watershed for retirement funds in South Africa. Most are focussed on the annuitisation rules that have been pending since 1 March 2015, otherwise known as 'T-day'. While these reforms are significant, retirement fund members need to understand them in the grand scheme of things.

Double dip tax claim loophole to stop

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The Draft Taxation Laws Amendment Bill has proposed an amendment in order to address the tax leakage through a double dip in the claiming of the medical scheme fees tax credit.

Tax amendments proposed for cryptocurrencies

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Treasury has proposed certain amendments to the Income Tax Act relating to the tax treatment of cryptocurrencies in the recently issued Draft Taxation Laws Amendment Bill (draft TLAB).

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