Section 12M contributions in terms of the Income Tax Act No. 58 of 1962: Normal tax implications for the retired employee

@article{Wyk2017Section1C,
  title={Section 12M contributions in terms of the Income Tax Act No. 58 of 1962: Normal tax implications for the retired employee},
  author={E. van Wyk and M. Terblanche},
  journal={South African Journal of Accounting Research},
  year={2017},
  volume={31},
  pages={181 - 192}
}
Section 12M of the Income Tax Act No. 58 of 1962 allows a normal tax deduction for employers who pay the post-retirement medical contributions by way of lump sum payments on behalf of retired employees. Although a full deduction is granted to the employer for a contribution in terms of section 12M, an area of uncertainty has been identified by the authors of this paper. This area of uncertainty involves the income tax implications for the retired employee upon receipt of such contribution or… Expand

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