In this video Jenny explains how to add a private retirement annuity for your South African employee in Sage Cloud Payroll. Many employers and payroll managers struggle to get this tax deduction right in order to pass the benefit over to their employees. The contributions to pension, provident and retirement annuity funds are deductible from taxable income but limited to the lesser of: • R350,000; • 27.5% of the greater of: Remuneration (excluding retirement, withdrawal or severance lump sums) Taxable income (excluding retirement, withdrawal or severance lump sums) prior to the deduction of donations and foreign tax. • Taxable income (excluding retirement, withdrawal or severance lump sums and taxable capital gains) prior to the deduction of donations and foreign tax.... ( read more )
LEARN MORE ABOUT: Retirement Annuities
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Timothy Sumer is a philanthropist and motivational speaker empowering young entrepreneurs across the nation. He speaks on starting new businesses and the importance of branding in the digital age. Timothy Sumer has a BA in Accounting from NYU and a Masters in Information Technology from MIT. Tim enjoys traveling around the globe, driving exotic sports cars, molecular gastronomy, exploring new cultures, and keeping on top of the latest technology trends. Hope you enjoy Timothy Sumer's page :)