Navigating the New Two-Pot Retirement System: What You Need to Know
The South African government’s introduction of the two-pot retirement system, set to be implemented on 1 September 2024, marks a significant change in how individuals save for their retirement.
The Impact of South Africa’s New Two-Pot Retirement System: Analysing Withdrawals and Long-Term Effects
South Africa is set to introduce a major overhaul in its retirement savings structure with the new two-pot retirement system, effective from September 1, 2024.
The Two-Pot Retirement System: An In-Depth Analysis
South Africa is set to introduce a significant change in its retirement planning landscape with the implementation of the Two-Pot Retirement System on 1st September 2024.
Budget Speech Summary 2022 – What does it mean for you?
The two increases that appear to have generated the most revenue in recent years were the 1 percentage point increase in the personal income tax rate for most tax brackets in 2015/16 – accompanied by below‐inflation adjustments to brackets and rebates – and a 1 percentage point VAT increase in 2018/19. These measures generated about R10 billion and R20 billion in additional revenue, respectively, in their first year.
Encouraging South African Households to Save More for Retirement
National Treasury has published a paper, ‘Encouraging South African households to save morefor retirement’, for public comment following the November 2021 announcement by the Ministerof Finance of a proposal to boost household savings. The proposal seeks to increasepreservation before retirement and increase flexibility through partial access to retirementfunds through a “two-pot” system.
Wills and Testaments: How They Came To Be
These documents have become known as a “last will and testament” under the mistaken belief that “will” referred to physical property (such as pieces of land) while “testament” referred only to personal property (all other items, such as clothes, jewellery and/or furniture, and so forth). These terms have, in fact, been used interchangeably, and a valid will therefore applies to everything owned by a deceased person, be it personal items or landed property.
Tax-Free Investments: A Brief Overview
South Africa’s government introduced tax-free investments to the country in 2015. This was done to encourage household savings in the nation. It is now a great way to save for a various reasons, such as a child’s education, setting aside money for emergencies or undergirding your retirement savings.
Employees Working from Home: Do You Know What Your Tax Benefits Are?
Do you work from an office? Do you earn only a salary? There are two general rules to follow with regards to taxable deductions regarding business expenses.
Provident Funds: Lump Sums and Taxation – How policy changes will affect you
In the last year there were calls for government to amend its policies on the accessibility of retirement funds. Here’s what the imminent changes in policy will mean for you.
Liberty – Credit Security
The National Credit Act is enforcing certain rules and standards where life insurance policies are sold to secure loans, such as bonds on the purchase of a new property.