Interaction of taxes

CGT, estate duty and income tax upon death Any tax-structuring should always take cognisance of its impact on other taxes. For CGT purposes, the default position is that a deceased person is assessed on a ‘deemed disposal’ as at date of death, with the death-exclusion...

Excess contributions to provident funds

Relief coming soon In circumstances in which annual tax-deduction limits to retirement fund contributions are exceeded, a taxpayer may carry forward the nondeductible portion to the following tax year, under s 11F of the Income Tax Act.Ultimately, upon retirement,...

Provident fund annuitisation revisited

Tax harmonisation of retirement fund contributions As from 1 March 2016, all contributions to retirement funds (pension, provident and retirement annuity funds) are treated similarly for tax-deduction purposes, under s 11F of the Income Tax Act. The tax-deduction...