Let’s kick off this new decade with Origin’s income tax-saving opportunities before the fast-approaching 29 February 2020 tax year-end!
The Origin Group offers the following tax-saving advice and products to help you maximise the tax benefits offered through investments, risk management products and legislation.
INDIVIDUAL AND GROUP RETIREMENT ANNUITIES & PENSION FUNDS
Try to invest the full 27,5% of your taxable income in a retirement annuity and benefit from the other advantages too, such as:
At Origin, we offer a range of actively managed model portfolios and fund choices in order to enhance communication from fund performances, optimise market opportunities and strive to keep costs as low as possible for our clients.
TAX-FREE SAVINGS
With a tax-free investment, you do not receive immediate income tax relief, but your fund grows free of tax while you remain within the tax-free savings product. Every year, you can invest up to R33 000 in tax-free savings accounts, with a lifetime limit of R500 000. When you do make a withdrawal, or at maturity, you won’t be taxed on the proceeds either. A variety of funds are available to invest in and can be structured according to your specific need, risk and time of investment.
STRUCTURED INSURANCE
You can create and increase insurance capacity over a period and retain more risks or higher deductibles than through a standard business short-term insurance policy.
Herewith a few benefits of what specialised structured insurance can offer:
TAX RISK POLICY
Have you or your business been selected for an audit by SARS? The additional accounting and fees towards tax specialists can become unaffordable.
Origin offers a tax risk policy to look after these unforeseen additional accounting fees or appoint the team of tax professionals who will defend you. The cover can provide for Income Tax audits, VAT, Employees Tax, CGT and dispute resolution hearings and appeals to the Tax Board and Court. Once again, it is best to contact your Origin adviser to help get this policy in place for the coming tax year’s audits!
To ensure you do not miss out on the tax-saving opportunity for 2020, please contact our team of financial planners by latest 20 February 2020 in order to add an appropriate lump sum contribution to your retirement annuity, tax-free savings account or structured insurance product. Your financial planner can calculate the correct contribution to maximise your tax deduction for the tax year.
This article is a general information sheet and should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice. Errors and omissions excepted. (E&OE)
Years in the industry: 1999 to …
Leon’s working knowledge of the financial services industry and his exceptional business acumen continues to guide the development and growth of the Origin Group of Companies and positions us as one of the leading niche financial service providers in southern Africa.
Leon has assisted clients in all areas of financial advice, including life, investment, retirement and estate planning. He also has extensive experience in short-term insurance, particularly in the commercial short-term insurance space.
He is a member of the Financial Planner Institute (FPI) and the Financial Intermediary Association (FIA), where he serves in a representative capacity on a regional and national level.
Braaibroodjie lover, Lions rugby fan, sci-fi geek, wannabe farmer, coffee snob