For most of us, 31 December marks the end of a year. On this day, we reflect and set our resolutions for the coming year. For SARS however, 29 February marks the end of the 2016 financial year, with a new tax year kicking off on 1 March that is filled with new plans and objectives that will affect your investments.
2016/2017 Tax Tables for Individuals
The announcement of the 2016/2017 Budget earlier this week outlined SARS’ plans for the next financial year and to help you prepare for the changes, we’ve compiled a one-page summary of the tax changes that affect individual taxpayers and trusts. Download it here: Ecsponent Tax Guide for Individual Investors and Trusts 2016/2017
Tax Treatment of Retirement Funds
And while the tax treatment of retirement fund contributions is changing from 1 March, the changes to the compulsory annuitisation of provident fund benefits, which was due to take effect on March 1, will be postponed by two more years until 1 March 2018.
Importantly, these changes give anyone who is invested in provident funds the ideal opportunity to deduct their contributions from tax, which was not possible before. You can see a summary of the changes for 2016 and planned changes for 2018 in this updated Retirement Tax Reform Guide. Download it here: Ecsponent Retirement Tax Reform Guide 2016