The answer to this query is based on legislation
as at 2014/03/10.
you please advise us of the following.
Are income protection policy contributions still tax deductible for
tax individual taxpayers. Some guides
are giving a definite clause that they are no longer deductible whilst other
are just ignoring the fact.
from 1 March 2015 (2016 tax year):- Any premiums paid by an employer for the
benefit of an employee will be treated as a taxable benefit;- The employee
will not be entitled to a tax deduction of the corresponding value;- An
individual will not qualify for a tax deduction in respect of his or her
premium paid; and- All policy pay-outs will be tax-free, irrespective of
whether historical premiums qualified as tax deductions and irrespective of
whether the policy pay-out is in the form of a lump sum or an annuity.-
Notwithstanding the increase in PAYE to be suffered by an employee, employers
will also bear an increase to their skills development levies and
unemployment insurance fund contributions costs.
Section 240A of the Tax Administration Act, 2011 (as amended) requires that all tax practitioners register with a recognized controlling body before 1 July 2013. It is a criminal offense to not register with both a recognized controlling body and SARS.
MINIMUM REQUIREMENTS TO REGISTER
The Act requires that a minimum academic and practical requirments be set to register with a controlling body. Click here for the minimum requirements of SAIT.