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Annual instalments from 1 March 2012

I came across an article with some horror from a tax partner of Grant Thornton on the Moneyweb tax site. The article, written by Neville Sweidan, can be read here, but essentially he advises attorneys that there are important amendment proposals coming in the Income Tax Act, with effect from 1 March 2012. The National Treasury proposes that compensation currently paid as a lump sum by the Road Accident Fund to victims should where possible be paid in periodic amounts spread out over several payments. I have drawn the attention of the LSSA to this and various other organisations and hopefully it will be put forward. In some blurb, they are trying to make it sound exciting, saying that in future the Road Accident Fund payments will be tax free and, “this periodic method of payment over an extended period spares victims from the risk of mismanagement of lump sum payments so as to cover victims and their families over long periods of hardship.”

Posted by Michael de Broglio on Monday 17-Oct-11

Annual instalments from 1 March 2012


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