Tax act delay will hit consumers long-term - expert

http://www.treasury.gov.za/comm_med...801 - Media Statement Retirement Reforms .pdf

It should be noted that the 2015 Tax Laws Amendment Act (and the 2013 and 2014 Acts)
provisions relating to retirement will come into force on 1 March 2016, except for the
annuitisation implementation date and related provisions. The tax harmonisation reforms will
therefore continue to be implemented as scheduled on 1 March 2016.
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Yay!

The following amendments will continue as scheduled from 1 March 2016:
ď‚· The tax deduction for contributions to all retirement funds (including provident funds)
will increase to 27.5 per cent of the greater of taxable or remuneration, up to a cap of
R350 000 per year, from 1 March 2016.
ď‚· The minimum threshold required for annuitisation for pension and retirement annuity
funds will still be increased from R75 000 to R247 500.
ď‚· Aside from the issues covered in the urgent tax amendment bill, all other provisions
legislated in the 2015 Tax Laws Amendment Act (and all other tax laws) will come
into force on 1 March 2016.
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Yay!
 
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Can't believe government is bowing down to unions again.. They should make the unions pay pensions for the delayed years of its members as a condition and then watch yo fast these unions sing another tune
 
Government needs lots of money for the nuclear deal. As it wont happen in the next 2 years the law has been relaxed for 2 years, before government needs the pension funds to invest in the nuclear deal. To ensure best possible investment it would be helpful if the recipients cant get all their money at once.
 
HBee said:
Government needs lots of money for the nuclear deal. As it wont happen in the next 2 years the law has been relaxed for 2 years, before government needs the pension funds to invest in the nuclear deal. To ensure best possible investment it would be helpful if the recipients cant get all their money at once.
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WAT?
 
supersunbird said:
Then don't save in any Retirement Fund and go ignore the tax benefit and get all your money and invest and spend all your money on whatever your heart desires.

It's a matter between you and your employer if they want you to save in a Retirement Fund, the government just incentivises it, but you are not forced to be in it (except by your employer perhaps, so talk to them about it).
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LOL
 
I must say so far withdrawing every single sent of my savings and putting it in an overseas $ nominated fund back when (and thats not even very far back) the Rand was 10.5 to the Dollar has not really hit me long term.

Not only have I made back my tax but also a very decent increase in Rand value vs. if I kept it in a RA fund with their laughable "performance".

And on top of that the fund grew in $ terms. :-)
 
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