Is a maintenance payment a ‘Donation’?
Helping someone out may be exempt from donations tax—but as always, the devil is in the detail… Donations tax is one of those strange taxes where people often question its existence. After all, why would SARS be so mean as to want to tax someone’s generosity? The main reason is estate duty—or, more specifically, the […]
Retirement planning – Distributing retirement fund death benefits
Allocating death benefits, and determining appropriate methods of payment. Once the board of trustees has determined the beneficiaries and is satisfied that its proposed allocation is fair and equitable, the beneficiaries must elect how they would like to receive the death benefit. The final duty of the trustees is to determine the most appropriate manner […]
Securing your Business’s Future: FICA Compliance in South Africa Made Simple
To thrive in South Africa’s ever-changing economic landscape, it is crucial to have a thorough understanding of your regulatory responsibilities, including compliance with the Financial Intelligence Centre Act (FICA). Recognised not just as an additional requirement to your current protocols, but rather as a fundamental component in upholding your business’s integrity, FICA ensures transparency and […]