We all need a break at some point. Why not take a tax break to start off 2021? The end of the tax year, 28 February 2021, is fast approaching and we urge you to contact your Origin financial planner, adviser, or tax consultant at your earliest convenience in order to arrange the correct structuring in your portfolio to qualify for an additional tax deduction in time.
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
Contributions to pension, provident or retirement annuity funds are tax deductible up to 27.5% of one’s gross remuneration or taxable income (whichever is higher), subject to an annual maximum of R350 000.
Additional advantages of retirement funds include:
TAX FREE SAVINGS
With a tax-free investment, you do not receive immediate income tax relief, but your fund will grow, free of tax, while you remain within the tax-free savings product. Every year, you can invest up to R36 000 in tax free savings accounts, with a lifetime limit of R500 000. When you do make a withdrawal, or at maturity, you will not be taxed on the proceeds either. A variety of funds are available to be invested into, and can be structured according to your specific need, risk, and time of investment.
STRUCTURED INSURANCE
Through Santam Structured Insurance, we offer business owners a unique way of insuring their assets, where they can create and increase their insurance capacity over a period and retain more risks or higher deductibles than through a standard business short term insurance policy.
Here are 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? If so, additional accounting and fees towards tax specialists can often become unaffordable. Origin offers a tax risk policy to look after these unforeseen additional accounting fees or appoint a team of tax professionals who will defend you. The cover can provide for Income tax audits, VAT, Employees tax, CGT and other dispute resolution hearings and appeals to the Tax Board and Court.
To ensure you do not miss out on any of the tax saving opportunities for 2021, contact our team of financial advisors by latest middle February in order to add an appropriate lump sum contribution to your Structured Insurance product, tax free savings account or Retirement Fund. Your financial planner can calculate the correct contribution to maximise your tax deduction for the tax year. With little time left to make the most thereof, do not let the opportunity pass you by.
This article is a general information sheet and should not be used or relied on as legal or other 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 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