This draft Binding General Ruling (“BGR”) confirms that, for income tax purposes, any annuity purchased or provided by any retirement fund must be compulsory, non-commutable, payable for and based on the lifetime of the retiring member. This means that the annuity may not be transferred, assigned, reduced, hypothecated or attached by creditors as contemplated by the Pension Funds Act.
An updated draft Disability List was published for public comment. In terms of the proposed updates, school fees no longer qualified as a qualifying medical expense. On 1 June SARS indicated that many comments received appear to be based on a misunderstanding of the intent of the proposed amendments to the list and that it therefore decided to withdraw the draft Disability List.
SARS has issued the Guide to the Employment Tax Incentives (Issue 4) to assist taxpayers in the practical interpretation and application of the requirements set by law.
The draft notice prescribes the electronic form in which records, books of account and documents that are required to be kept or retained in terms of section 29 of the Tax Administration Act, 2011, must be held. The due date for public comment is 25 June 2021.
There is an increase of monthly remuneration liable to UIF contributions from 1 June 2021 to R 17 712 per month (therefore employer/employee UIF contribution is limited to R177.12).
The amount for purposes of paragraph (b)(x)(cc) of the proviso to the definition of “retirement annuity fund” in section 1 of the Act has been determined to be R15 000, and all previous notices withdrawn with effect from 1 March 2021
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