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Did you know that you can get more money back from SARS by having the right policies?

 

Firstly we look at Income Protection Policies. These policies are specifically designed to protect your income in the event of you being unable to work anymore. They provide you an income to the maximum age of 70 in such an event. Most of them will cover you at 75% of your income.

Because this ensures you do not become a dependant of the state, you actually get money back from SARS for having them. Whilst you are paying for the cover, you get money back and then when/if you claim, you pay tax on the income.

There are two ways of getting this cover. Either in your personal capacity OR it could be part of the company benefits your company offers.

The rule is however that you cannot have two of them as you are not supposed to be enriched past your current income in the event of claim.

The second product is your Retirement Annuities. This product is specifically designed for your retirement provision. SARS will refund you a portion of your premiums back to you to a maximum of 15% of your salary. Let me give you an example: If you are being taxed at 20% and you are investing R1000 into a Retirement Annuity, you will receive R200 back for every R1000 invested.

Isn’t that amazing? You ‘pay’ R800 and get R1000 invested. That would be a 20% ‘growth” on your money every time.

There are many more tax benefits to having a Retirement Annuity including the fact that this policy and the investment growth is not taxed at all either.

I will leave you with this information but should you like to discuss it further we will be happy to assist.

An Authorised Financial Advisory Service - FSP 17385

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