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An important update regarding the two-pot retirement system

National Treasury and the South African Revenue Service (SARS) provided important feedback at the recent sitting of the Standing Committee on Finance as part of the parliamentary process regarding the much anticipated two-pot retirement system.

Paying taxes to unlock financial freedom

Nobody enjoys paying tax, but since it’s our legal obligation, we may as well make the most of it by legitimately saving where we can. Because tax savings - even if fractional - compounded over prolonged periods of time can contribute significantly to any person’s financial position.

The benefits of investing on behalf of children

We have all heard the phrase: “It’s not about timing the market, but time in the market.” One of the most important lessons parents can teach their children is the value of money – how to really understand the dynamics around investing and how to make money work for them.

ESG – achieving net zero and the role of carbon tax

A reduction in carbon emissions is integral to South Africa's global commitment to achieve net zero. The South African government strategically introduced carbon tax to combat global warming by encouraging a low carbon economy.

SARS publishes income tax return filing dates for 2022 assessment

The South African Revenue Service (SARS) has announced the deadline dates for filing income tax returns for the 2022 year of assessment as well as the details of those exempt from filing returns. On 3 June 2022, SARS will publish a notice in the Government Gazette specifying the taxpayers that do not need to file income tax returns for the 2022 year of assessment, and the deadlines for taxpayers that have to file an income tax return.

Rewarding tax benefits

Investing for retirement through a retirement annuity (RA) is an effective and rewarding way to save for retirement because of the unique benefits offered. The most significant benefit is the fact that you can enjoy unparalleled tax savings, which you can use to boost your retirement savings.

SA innovates in sustainable finance for biodiversity protection

South Africa was the first country in the world to grant the tax concession in Section 37D of the Income Tax Act to protect biodiversity, which provides a sustainable financing solution. Biodiversity is a key element of tackling climate change, and it is an area in which South Africa has demonstrated flexibility and innovation.

Mirror, mirror on the wall, which tax incentive is next to...

South Africa has a dedicated research and development (R&D) tax incentive regime which sets it apart from other African countries and enables South Africa to compete with similar regimes in developed countries. However, the future of this incentive is at risk.

Don’t use your commercial property loan like an overdraft

In the current economic environment, businesses are keen to reduce debt by paying down their commercial loans. While this is a facility that banks offer their clients, there are valid reasons to pay off a commercial property loan early - many clients unwittingly do so for the wrong reasons and to their own detriment.

Retirement savers still free to sabotage themselves

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.


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