All withdrawals are taxable and subject to your marginal tax rate. We strongly recommend consulting with your financial adviser to ensure you make an informed decision. Please also note that if you owe any debt to SARS, they will deduct the outstanding amount before processing your withdrawal. It’s advisable to seek guidance from your financial adviser to navigate both the old and new rules surrounding retirement fund benefits. Understanding the tax and financial planning implications, both before and after retirement, is crucial as it will impact your overall benefits at retirement. #capstonegroup #tax #accounting #twopotretirementsystem
Capstone Group
Accounting
Johannesburg, Gauteng 157 followers
We offer Accounting Services, Tax and Secretarial Services, Payroll and Payment Services.
About us
Capstone Group consists of various business entities: 1. Business Consulting 2. Human Resource Services 3. Accounting Services 4. Tax and Secretarial Services 5. Payroll and Payment Services 6. B-BBEE Consulting
- Website
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www.capstonegroup.co.za
External link for Capstone Group
- Industry
- Accounting
- Company size
- 2-10 employees
- Headquarters
- Johannesburg, Gauteng
- Type
- Privately Held
- Founded
- 2008
- Specialties
- Accounting, Tax Services, Secretarial Services, Business Consulting, B-BBEE Consulting, and Payroll and Payment Services
Locations
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Primary
148 Pritchard Street
Johannesburg, Gauteng 2188, ZA
Employees at Capstone Group
Updates
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Come meet our team at the Business Show at the Sandton Convention Centre on 4 & 5 September ! #capstonegroup #tax #accounting #bbbee #payroll #businessconsultant
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Come visit our stand on 4 & 5 September at the Sandton Convention Centre! #capstonegroup #tax #accounting #businessconsultants #bbbee #HR #payroll
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The new system accounts for your retirement savings as of 31 August and your future contributions by dividing them into three distinct components, often called “pots”: the vested component, the retirement component, and the savings component. Starting from the two-pot system’s effective date of 1 September 2024, the vested component will be reduced by an amount allocated to the savings component. Beginning on 1 September 2024, the new system will automatically distribute your future contributions between the retirement and savings components. New contributions will be divided, with one-third going to the savings component and two-thirds to the retirement component. Your existing savings as of 31 August 2024, minus the amount allocated to the savings component, will be exempt from the new system and will remain part of your vested component. The current rules will continue to apply to this portion. #capstonegroup #tax #twopotretirementsystem #accounting #payroll
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The funding of your savings component The savings component will be funded by an amount taken from your vested component. This amount will be equal to 10% of the market value of your investment as of 31 August 2024, with a maximum limit of R30,000. This means the maximum amount in your savings component will be R30,000 until you make additional contributions. This allocation process is required by law. The allocation to the savings component will be applied at the contract level. A separate savings component will be created for each contract you hold within the fund. Your current investment choices will be mirrored in your savings component, but you will have the option to switch to other investment fund choices after the allocation process. One-third of all contributions made from 1 September 2024 onwards will be allocated to this component. Please note the following regarding the allocation process in September: If you have transactions in progress on 1 September, there may be a delay in transferring funds from your vested component to your savings component. These transactions include pending financial activities such as switches, rebalances, debit orders, and fee deductions that are awaiting pricing. We will complete the allocation as soon as these transactions are finalized. Your investment earnings for August 2024 will not be included in the allocation value mentioned above, as the distribution of earnings takes several business days. These earnings will be added to the value of the vested component once they are received. #capstonegroup #twopotretirementsystem #tax #accounting #businessconsultant #hr #payrollservices
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Let your company thrive in its core business while we take care of maintaining precise payroll and accounting records, ensuring full compliance with SARS and the South African Department of Labour. Streamline your operations by cutting down on payroll administration. Save valuable time through the automation of processes, including tax calculations. From PAYE to UIF, we're dedicated to keeping you compliant with the latest legislative updates, all while simplifying your essential payroll procedures. Trust us to guarantee accurate and timely payments to your employees, every single time. Contact us for a consultation. [email protected] or call us (010) 591 0302 #payroll #accounting #taxcalculations #paye #uif #payrollprocesses #employees
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Is the Employment Equity Act giving you headaches? We know the ins and outs of B-BBEE. We offer you step by step, cost-effective B-BBEE Consultation, B-BBEE Solutions and B-BBEE Audit Preparation. Contact us for a consultation. [email protected] or call us (010) 591 0302 #BBBEE #bbbeeconsultation #bbbeesolutions #bbbeeauditpreparation
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Happy Women's Day! Let's celebrate the achievements, resilience, and unlimited potential of women everywhere. #womensday #women #capstonegroup