LexisNexis®

Corporate and Personal Financial Planning

R 825.64
Publisher: LexisNexis South Africa
Format:: Online , Online
ISBN:: 9780409068153
2010

Description

Updated annually, this well-established publication is a vital tool for the tax and financial advisor. Practical and informative, it provides all the essentials for corporate and personal financial planning.

Widely viewed as the authoritative reference for all professionals in insurance, tax or investment-related professions, it comprises a comprehensive commentary with numerous worked examples and concise summaries. It also includes extracts of all relevant legislation for quick and easy referencing.



Table of Contents

PART A
Commentary
CHAPTER 1
Taxation of individuals, trusts and deceased estates
1.1
Introduction
1.2
Married persons
1.3
Trusts
1.4
Deceased estates
1.5
Fringe benefits
1.6
Calculation of tax
1.7
Rates of normal tax
1.8
Rebates
1.9
Significant Income Tax Act changes in 2010 (2011 tax year) (individuals)
1.10
"Marginal" rates of tax
1.11
Examples of tax calculations
CHAPTER 2
The Long-term Insurance Act
2.1
Introduction
2.2
Definitions
2.3
Free choice
2.4
Prohibition of inducements
2.5
Policy must be actuarially sound
2.6
Receipt for cash premiums paid and validity of policies
2.7
Summary, inspection and copy of policy
2.8
Limitation of commission payable to intermediaries
2.9
Premiums
2.10
Limitation on provision of certain policies
2.11
Policies on the life of a minor
2.12
Certain policy provisions are void
2.13
Life policies in relation to a person rendering military service
2.14
Long-term policies entered into by minors
2.15
Misrepresentation
2.16
Protection of policyholders
2.17
Protected policies (section 63)
CHAPTER 3
Policies owned by companies or employers on the lives of employees
3.1
Introduction
3.2
Policies effected before 1 June 1982 (pre-1 January 2011)
3.3
Policies effected after 1 June 1982 (pre-1 January 2011)
3.4
Deduction of premiums on company-owned policies after 1 January 2011
3.5
Policy taken out by the employer on the life of the employee for the benefit of the employer
3.6
Preferred compensation
3.7
Restraint of trade
3.8
Estate duty implications of company-owned policies
3.9
Capital gains tax implications of company-owned policies
CHAPTER 4
Retirement annuity funds
4.1
Deduction of contributions
4.2
Maximum deductible contributions to retirement annuity funds
4.3
Effect of the current retirement annuity deduction formula
4.4
Retirement in different years
4.5
Approval and registration of rules
4.6
Benefits which may be provided
4.7
Taxation of lump sum benefits on death or retirement
4.8
Estate duty
4.9
Should life cover be effected separately?
CHAPTER 5
Pension, provident and benefit funds
5.1
The need for a properly constituted pension fund
5.2
The basic differences between a pension and a provident fund
5.3
Types of pension and provident funds
5.4
Retirement funds must be approved by SARS
5.5
Eligibility for membership of a pension fund and a provident fund
5.6
Preservation funds
5.7
Tax deduction in respect of contributions to pension and provident funds
5.8
Conversion of a pension to a provident fund
5.9
The rules of a pension or provident fund
5.10
Pension fund administration
5.11
Apportionment of a pension fund surplus (section 15A to 15K)
5.12
Actuarial investigations (section 16)
5.13
Investment in the business of the employer (section 19(4))
5.14
Loans to members (section 19(5))
5.15
Prudent investment regulations
5.16
Dissolution of funds (sections 28 and 29)
5.17
The Pension Funds Adjudicator
5.18
Protection of pension benefits
5.19
The disposition of benefits on the death of a member
5.20
Pension funds
5.21
Provident funds
5.22
Benefit funds
5.23
Taxation of retirement funds
CHAPTER 6
The taxation of lump sum benefits derived from a retirement fund
6.1
Introduction
6.2
Taxation of the benefits (private sector funds)
6.3
Date of accrual of withdrawal benefits
6.4
Retirement fund lump sum benefits
6.5
Paragraphs (a) and (b) pension funds (public sector pension funds)
6.6
Staggered retirement
6.7
Retirement annuity fund contribution based on retirement fund lump sum benefits
6.8
Multiple memberships in one retirement annuity fund
6.9
Preservation funds
6.10
The tax implications of a transfer to a preservation fund
6.11
Estate duty implications
6.12
Taxation of surplus apportionment and minimum benefits payable in terms of the Pension Funds Act
CHAPTER 7
Applying and reducing the average rate of tax
7.1
The rating formula (section 5(10))
7.2
Practical application
7.3
Examples
CHAPTER 8
Restrictions on certain policies
8.1
Introduction
8.2
Restrictions on certain policies
8.3
Restrictions
8.4
Summary of the restrictive provisions
CHAPTER 9
The separate funds approach (for the taxation of long-term insurers)
9.1
Introduction
9.2
Tax dispensation after 1 January 2000
CHAPTER 10
Donations tax
10.1
Definition of "donation" and "property"
10.2
Deemed donations
10.3
Exemptions from donations tax
10.4
Donations by a spouse
10.5
Donations through a company
10.6
Valuation of donated property (including life policies)
10.7
Valuation of annuities, fiduciary, usufructuary or other like interests
10.8
Persons liable for donations tax and when payable
10.9
Rate of donations tax
CHAPTER 11
Estate duty
11.1
Introduction
11.2
Estate of deceased person
11.3
How estate duty is determined
11.4
Calculation of estate duty
11.5
Person liable for estate duty
11.6
Insurance proceeds which are dutiable
11.7
Insurance proceeds which are not dutiable
11.8
Procedures for limiting the incidence of estate duty
11.9
Rate of estate duty
CHAPTER 12
Capital gains tax
12.1
Introduction
12.2
Persons liable for capital gains tax
12.3
Determination of capital gain or capital loss
12.4
Disposals
12.5
Proceeds
12.6
Determining the base cost of an asset
12.7
How to determine the market value of an asset on 1 October 2001
12.8
Exclusions
12.9
Roll-overs
12.10
Attribution rules
12.11
Trust and trust beneficiaries
12.12
Company distributions
12.13
Foreign currency
CHAPTER 13
Business life assurance: Buy-and-sell arrangements
13.1
Introduction
13.2
Partnership assurance
13.3
The formation of a partnership
13.4
The taxation of partnerships
13.5
Position arising on the death of a partner
13.6
Difference between a company and a partnership
13.7
Valuation of company's assets
13.8
Close corporations
13.9
Estate duty position
13.10
Capital gains tax
13.11
Specimen buy-and-sell agreement
CHAPTER 14
Voluntary annuities
14.1
Introduction
14.2
Tax advantages
14.3
Variable annuities
14.4
Purchase of voluntary annuity with pension or retirement annuity commutation
14.5
The a55 life mortality tables
CHAPTER 15
Disability benefits
15.1
Introduction
15.2
Disability benefits
15.3
Code of Good Practice for disability insurance
15.4
Tax advantages
15.5
"Dread disease" insurance
Appendix I
Compound interest table (one Rand principle)
Appendix II
Compound interest table (one Rand per annum paid in advance)
Index

Legislation



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