The South African Revenue Service (SARS) have put several tax incentives in place to encourage us to save more for our retirement and other long-term goals. As the end of the tax year is approaching, now is a good time to maximise the available tax benefits.
2020 Contribution Adjustments: Medshield Medical Scheme – Premium Plus – 12.5% increase.
To recap, we can honestly say that 2019 was an extraordinarily good year for Bonitas. Not only did we meet the target of 46 000 new members, but exceeded it and reached a remarkable figure of 50 680.
Any entrepreneur in the start-up phase will tell you that running a new business is often a cause of stress and anxiety, and not a carefree escape from the nine-to-five that outsiders might perceive it to be.
It seems that the writing is on the wall for the traditional nine to five job. The world is becoming increasingly agile and flexible as employees juggle multiple jobs and incomes. You might call them hustlers, moonlighters or side jobbers but one thing is certain, there are more of them in the market today than ever before.
Providing an employee with retirement benefits, either in the form of a pension fund or provident fund (there is a distinction between these two, but for the purposes of this article we will refer to the monies that are paid out to a member of a retirement benefit scheme, as a pension benefit), is commonplace, but not compulsory in terms of South African law.