Client retired from RA and Pres fund, he has about R450 000 of disallowed RA contributions carried forward. He wants to utilise this contributions against the compulsory living annuity income as per section 10C of the ITA. For this purpose he needs a tax
Important:
This answer is based on tax law year ending 28 February 2017.
Answer:
It is my experience as well - SARS doesn't give a directive for pensions that will be exempt under section 10C. It is probably because paragraph 11(a)(ii) of the Fourth Schedule doesn't provide for it. Am I right?
If so, we should lobby to get the law changed