Proposed restrictions on retirement funds

Access upon emigration National Treasury has issued a draft Explanatory Memorandum on the Draft Taxation Laws Amendment Bill 2020, dated 31 July 2020. Under para 1.4 of the Explanatory Memorandum, the proposal is made to amend the definitions of a ‘pension...

Non-meritorious additional assessments

Tax Ombud’s report 2020 Tucked away in point 38.2 of the sixty-one-page Report and occupying only a half-page is, in my experience of the tax dispute-resolution process, a valuable finding and recommendation by the Tax Ombud, on non-meritorious additional assessments:...

Third party tax debt recovery by SARS

Recent case In circumstances in which a taxpayer fails to pay a ‘tax debt’ (defined in s 1 read with s 169(1) of the Tax Administration Act as being an amount due or payable to SARS), a senior SARS official may, under s 179, issue a notice to a third party holding a...

Living Annuity Drawdown Relief Under Covid-19

Living annuity Generally a living annuity (as distinct from a conventional life annuity, under which a fixed rate of return for life is contractually agreed) is a compulsory purchased investment from a financial institution with a minimum two-thirds of a retirement...