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Impact of Pension Funds Act on annuities and divorce

The question often arises why a spouse can't claim from an annuity in the case of a divorce. The answer lies in the applicable legislation, specifically the Pension Fund Act and the Divorce Act. The aim of Section 37A of the Pension Funds Act is to protect a member's pension benefits from his/her creditors, and it expressly limits a fund's ability to deduct amounts from a member's pension benefit.

By Lize de la Harpe 10 Apr 2014 12:59

Implications of amendments to Credit Act

The National Credit Act 34 of 2005 has been slightly lacking in regard to its ability to protect consumers. The purpose of the Act is to protect consumers and promote a fair yet competitive credit industry.

By Megan Gedye 7 Apr 2014 08:28

Changes to the NCA not as drastic as some think

The removal of adverse consumer credit information and information on paid up court judgments, published in new regulations of the National Credit Act 2005 on 25 February 2014 has caused some alarm in the property sector.

By Mike van Alphen 26 Mar 2014 15:30

Deduction of audit fees considered by SCA

The general deduction formula in section 11(a) of the Income Tax Act 58 of 1962 permits a taxpayer to deduct from his income, expenditure and losses actually incurred in the production of income, provided they are not of a capital nature.

By Graeme Palmer 26 Mar 2014 07:33

Content marketing for financial organisations

The financial landscape is risky, uncertain, and unfriendly... and just perfect for the launch of your content marketing campaign.

By Mark Wright 5 Mar 2014 14:05

Retirement: still a valid concept or heading for extinction?

In most countries, the concept of retirement is relatively recent, having been introduced during the late 19th and early 20th centuries. Until then, short life expectancy and the lack of financial provisions (pensions) meant that most workers continued to work until death. Germany was the first country to introduce an old-age social insurance program, in 1889, and thus the notion of retirement.

By Patrick Barker 26 Feb 2014 10:05

Assisting foreign governments with tax collection

As governments around the world come under pressure to collect tax to meet their growing needs and budget deficits there has been an increase in cross-border co-operation between tax authorities.

By Graeme Palmer 20 Feb 2014 07:59

Fixed amount penalties for non-compliance under Tax Admin Law Act

The Tax Administration Laws Act 28 of 2011 is a fascinating and far-reaching piece of tax legislation that affects all taxpayers and tax practitioners. For instance, Chapter 15 of the Act deals with administrative non-compliance penalties, which comprise fixed amount penalties and the percentage-based penalty.

By Michael Stein 30 Jan 2014 10:00

Forward-looking SARB backs its forecasts

The general expectation was that the South African Reserve Bank (SARB) would hold interest rates steady. After all, domestic demand is soft, credit extension growth has been modest and the core inflation rate has been stable at 5.3% for the last four months of data up to December 2013.

By Arthur Kamp 30 Jan 2014 08:08

Gauteng colour codes ads? With our money?

NEWSWATCH: Gauteng's use of ANC colours in billboards and posters - supposedly to publicise the administration's work, but using ANC party colours - has raised questions, reports Mail & Guardian.

By Rod Baker 17 Jan 2014 08:07

New withholding tax on cross-border services

The Income Tax Act, 1962 was recently amended to provide for a new withholding tax on cross-border service fees. According to the new law, a withholding tax of 15% must be levied on the amount of any service fee that is paid by any person to or for the benefit of any foreign person to the extent that the amount is regarded as having been received by or accrued to the foreign person from a source within South Africa.

By Graeme Palmer 16 Jan 2014 09:33

Get set to save

Lose weight. Quit smoking. Finally make it to the gym (or at least around the block)... It is likely that many of us started 2014 with a New Year's resolution or two. As the year gets underway it may be worth considering a further addition to the list, by making saving a priority.

By Nick Battersby 15 Jan 2014 11:21

What protection does a so-called protective clause in a will (or trust deed) offer?

Most wills include a clause which states something along the following lines:

By Tiny Carroll 19 Dec 2013 10:22

Divorce and pension interest

Divorce is often a bitter and costly exercise, and the last thing one wants is to go through the legal process only to be left with an unenforceable divorce order in so far as it relates to a share in pension interest.

By Lize de la Harpe 19 Dec 2013 09:17

Suspension of payment of disputed tax

It is a well-established principle of tax law to "pay-now-argue-later". In other words, the obligation to pay tax arises when an assessment is issued and it is not suspended by an objection or an appeal against such assessment. A taxpayer who pays the disputed tax, and has his appeal or objection upheld is entitled to interest from the date of payment of the disputed amount to the date on which such amount is refunded.

By Graeme Palmer 19 Dec 2013 07:23

Risk management black hole in oil and gas supply chain

Chief executives of oil and gas companies might not want to be reminded of this, but typically around 80% of their spend, personnel and HSE risk lie beyond their control, and in the hands of suppliers.

By Chris Bohill 17 Dec 2013 08:06

A turning point?

Ever since the global financial crisis of 2008 the world's advanced economies, that led the way into the crisis, have struggled to get back to their pre-crisis performances. Having spent the last five years recovering, we see glimmers of hope on the economic horizon, but it's not yet time to break out the Moët.

By Dr Adrian Saville 12 Dec 2013 10:55

Local mineral beneficiation to present challenges

Over the last few years the South African government has advocated for the domestic beneficiation of locally mined minerals in an effort to grow the economy and create employment.

By James Fungai Maposa 11 Dec 2013 08:49

SA, Germany investment treaty cancelled

In an attempt to overhaul its foreign investment protection regime, SA gave notice to cancel its Investment Protection Treaty with Germany. Subsequently, on 23 October 2013 the draft Promotion and Protection of Investment Bill was published for public comment.

By Kay Schröder 11 Dec 2013 07:18

Communication etiquette at your year-end office party

The annual office year-end party is usually where some of the craziest communication of the year takes place. Colleagues are usually beyond drained and exhausted at this time of the year and yet over-jubilant and excited at the same time.

By John French 4 Dec 2013 09:34

Calling up bank guarantees in tranches

Bank guarantees feature regularly, and are very often perceived as 'standard' or 'template' documents in respect of which little if any negotiation is encountered insofar as legal drafting is concerned.

By Yaniv Kleitman 29 Nov 2013 11:17

Genuine enterprise development helps businesses grow

Research shows that the most stable economies in the world, including Switzerland, Finland and Singapore, share a common trait - they have invested heavily in developing the SME sector in their respective nations. As a result of their special focus on helping small businesses to grow, they have managed to encourage innovation, create more jobs and decrease their crime and poverty levels.

By Abram Molelemane and Anton Ressel 27 Nov 2013 08:45

Will you be my agent?

We all know the basics on wills - why they are important, who should draft them and what can happen when you don't have one... but what actually happens when the estate has to be administered?

By Tanya Lochner 14 Nov 2013 09:58

New Companies Act and business rescue

A new Companies Act became operative in our law on 1 May 2011. This Act introduced some novel provisions into our law - among them business rescue.

By Eric Levenstein 8 Nov 2013 08:47

Changing landscape of unit trust industry

The expansion of the retail unit trust industry has been quite robust, from offering two funds in 1965, to 107 funds in 1996, and more recently, investors have approximately 1000 unit trust funds from which to select.

By Wade Witbooi 31 Oct 2013 11:41

SMS marketing - An open letter to the marketer

Dear marketer, about that SMS you sent me...

By Keanan Reis 25 Oct 2013 07:00

Five reasons why South African residents should invest offshore

South Africa is currently the largest economy and the most attractive for foreign investment in Africa - but for how long?

By Ross Pennell 21 Oct 2013 09:48

Republicans, democrats, shutdowns and your investment

For the past few weeks we have seen an increasing number of reports on the US government shutdown, budget impasses, defaults, democrats, republicans and the like. While these issues are played out on a foreign continent, they have far reaching implications and could possibly represent significant changes in the global economic environment.

By Santhiran Naidoo 18 Oct 2013 08:38

Economic outlook - hoping for business as usual

If we can get back to "business as usual" soon in the United States, then the damage from the fiscal impasse can be limited. Should that be the case, then Gross Domestic Product (GDP) of 1,6% is forecast for the US in 2013 from 2,2% last year with expectations of a pick-up into 2014 of 2,3%.

By Craig Pheiffer 17 Oct 2013 10:30

It's not always what you say but how you say it

Using words to soothe or shout isn't always that easy, because the receiver can't hear you. But in front of an audience, be it a presentation, press conference or a televised interview, your voice and face says it all.

By Marion Scher 16 Oct 2013 07:05