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Late last week National Treasury announced that tax changes affecting retirement funds and due to come into effect on 1 March 2015 had now been delayed until 2016 in order to allow for further consultations at NEDLAC (National Economic Development and Labour Council). Should there be no agreement by NEDLAC by mid-2015, the implementation date could be moved to 1 March 2017.
The final Taxation Laws Amendment Bill is expected to be tabled in Parliament on Wednesday 22 October 2014.
The following changes will no longer come into effect on 1 March 2015:
· Tax harmonisation regarding pension, provident and RA funds (i.e. the new 27,5% contribution system)
· Contributions made to a provident fund from 1 March 2015 for members under 55 where only one third will be allowed to be commuted on retirement
· Increased commutation limit on small retirement interests (from R75 000 to R150 000)
The following changes will still come into effect on 1 March 2015:
· The taxation of disability income protector policies (also employer-paid premiums taxed as fringe benefits and not deductible by employee, but benefits tax-free) has not been adjusted in the Bill and these will therefore still be implemented on 1 March 2015, i.e. premiums will no longer be deductible, and the benefits will be tax-free.
· The implementation date of the tax-free investment savings remains 1 March 2015 as in previous version of the Bill.
Lees in Afrikaans:
Laat verlede week het Nasionale Tesourie aangekondig dat belastingveranderinge wat op 1 Maart 2015 in werking sou tree, nou uitgestel is tot 2016 ten einde voorsiening te maak vir verdere konsultasies by NEDLAC (National Economic Development and Labour Council). Indien daar teen middel 2015 geen ooreenkoms deur Nedlac is nie, kan die implementeringsdatum tot 1 Maart 2017 verskuif word.
Daar word verwag dat die finale Belastingwysigingswetsontwerp op Woensdag 22 Oktober 2014 in die Parlement ter tafel gelê sal word.
Die volgende veranderinge sal nie meer op 1 Maart 2015 in werking tree nie:
· Belastingharmonisering met betrekking tot pensioen-, voorsorg- en UA-fondse (dit wil sê die nuwe 27,5% bydraestelsel)
· Bydraes wat tot 'n voorsorgfonds gemaak word vanaf 1 Maart 2015 vir lede onder 55 waar slegs een derde toegelaat sal word om gekommuteer te word by aftrede
· Verhoogde kommutasielimiet op klein aftreebelange (van R75 000 tot R150 000)
Die volgende veranderinge sal steeds op 1 Maart 2015 in werking tree:
· Die wysigings aan die belasting van ongeskiktheidsinkomstebeskermerpolisse (ook premies betaal deur werkgewer belas as byvoordele en nie aftrekbaar deur werknemer nie, maar voordele belastingvry) is nie in die Wetsontwerp aangepas nie en hierdie sal dus steeds op 1 Maart 2015 geïmplementeer word, dit wil sê premies sal nie meer aftrekbaar wees nie, en die voordele sal belastingvry wees.
Die implementeringsdatum van die belastingvrye beleggingspaargeld bly 1 Maart 2015 soos in die vorige weergawe van die Wetsontwerp.