We can assist your company by administering a range of services and benefits
for your employees & other stakeholders.
Retirement benefits are just about the only benefit employers can still offer their employees on a tax efficient basis and at the same time assisting them in investing for the future.
At PW Harvey & Co, we offer clients, small and medium sized enterprises, access to a range of umbrella-type pension and provident funds and group retirement annuity funds available in the industry. These range from pre-packaged solutions for groups with as few as 5 employees to highly customised solutions for the larger employer groups.
Offering true independence, we are able to assess the needs of all stakeholders and recommend a solution best suited to their needs.
The solutions offered range from providing retirement benefits only, a combination of retirement and fund owned (tax approved) death & lump sum disability benefits, and linked to employer owned policies providing for:
- Family funeral benefits;
- Temporary and/or permanent income protection benefits;
- Dread disease benefits; and
- Spouse death benefits.
RETIREMENT FUNDS – CONTRIBUTIONS QUALIFYING AS A TAX DEDUCTION (post 1 March 2016)
Employer contributions to pension funds, provident funds and retirement annuity funds are tax deductible by the employer as a business expense but taxed as a fringe benefit in the members’ hands. The total contributions (employer and member) will however qualify as a tax deduction for the member to the maximum of 27.5% of the greater of remuneration or taxable income and is capped at an annual deductible limit of R 350 000. The maximum applies to contributions to all funds, including private retirement annuities that members may be contributing to.
NOTE: As from 1 March 2012 premiums paid by an employer under an employer owned policy for the benefit of an employee or his/her spouse, child or dependant is taxed in the hands of the employee. These premiums therefore do not qualify as a tax deduction by the employees but benefits from these policies are however tax free under normal circumstances.