For many individuals, retirement is something that they look forward to as a well-deserved rest. For others, it might be more imposing as an event for which one needs to plan ahead financially, and consider the taxation of amounts received upon retirement.
For this reason, ProBeta Training offers a session aimed at discussing and explaining the tax implications of lump sum amounts received, and how this would be taxed upon receipt or accrual.
This session is set up to address the application of the relevant taxation laws, including but not limited to:
• The tax treatment of each type of lump sum covered by the Income Tax Act such as:
o Benefits received upon retirement from pension, provident and retirement funds
o Benefits withdrawn before, upon or after retirement from pension, provident and retirement funds
o Benefits received from employers (other than fund benefits)
o Transfer of benefits between funds
o Limitation on withdrawal amounts for certain funds
• The responsibility of the employer or fund for withholding taxes on lump sum amounts where applicable
• The employee’s responsibility for record keeping in order to claim deductions for contributions upon assessment
• A demonstration of the tax submission documents involved in the process (IRP5 as well as the ITR12)
• This session does not include detailed tax planning matters, neither will it cover investment or retirement planning matters.
Investment managers, Financial managers, Tax Practitioners, Auditors, Bookkeepers, Financial accountants, First year SAICA Trainees, Second year SAICA trainees, Third year SAICA trainees, Fourth year SAICA trainees, Fifth year SAICA trainees, Audit managers, and Audit partners
