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Administration is the backbone of any employee benefit package and encompasses the all-important day-to-day running of the retirement fund.
We boast a superior team of administrators who are experts in their field. Included in their area of expertise is, in particular, the administration of private funds. We are thus able to offer an integrated professional service based on our human capital and intellectual property. We do not have call centres. Our administration is efficient, cost-effective and utilises a comprehensive, state-of-the-art computer system.
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Tax changes with regard to Premiums to Income Continuation Insurance Policies |
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Last year we informed you of the implications of a change to section11(w) of the Income Tax Act on the tax deductibility of premiums paid in respect of employer owned income continuation insurance (ICI) policies providing cover in the vent of the temporary disablement of an employee. This insurance is also known as PHI.
The effect of the 2010 tax change was that for an employer to still qualify for a tax deduction in terms of section 11(w)(i), the employer paid premiums to ICI policies had to be taxed as fringe benefits by employers in the hands of their employees with effect from the commencement of the employer’s first tax year on or after 1 January 2011.
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This would require employers to deduct employees’ tax (PAYE) on these fringe benefits and pay it to SARS. As these premiums are not paid by the employee, he/she would not qualify for a tax deduction in his/her own name.
It was hoped that the Income Tax Act would be amended retrospectively from 1 January 2011 to allow employees a deduction where ICI premiums were taxed in their hands as fringe benefits. |
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What is HIV AIDS?
HIV is the human immunodeficiency virus. It is the virus that can lead to acquired immune deficiency syndrome, or AIDS.
AIDS stands for acquired immunodeficiency syndrome. The body's immune system breaks down and is unable to fight off infections, known as "opportunistic infections," and other illnesses that take advantage of a weakened immune system.
HIV damages a person's body by destroying specific blood cells, called CD4+ T cells, which are crucial to helping the body fight diseases.
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Gallet is able to fully support both Employers, Employees, Trustees, and individual clients.
Please fill out
your details below, selecting your query, and you will receive a response within 24 hours of your mail. |
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