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Fulufhelo N

Active since Apr 2011

2

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0

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2 reviews

3 months ago

Speedy and professional service

Speedy and professional service. I am a Happy client. Fast and reliable service.

1 reply

Discovery Invest

103 months ago

Discovery Invest not up to date with Tax law interpretation and application

I had an RA with Discovery Invest which I subsequently cancelled. On cancellation the amount was slightly above the R7 000 limit in terms of paragraph (b) (x) (cc) of the definition of "retirement annuity fund" in section 1 of the Income Tax Act, 1962 (Act No. 58 of 1962). The amount has since gone down to below R7000 and discovery Invest refuses to apply for a tax directive for this amount. I have even requested the Fund to obtain an opinion/interpretation of this provision of the tax Act from the SARS Retirement Funds Team on ********** and I am not at all hopeful that this will be done as they seem to be stuck on the fact that just because when I cancelled it was over R7000 they cannot pay-out if it drops to below R7000. In less than a month the value of my benefit has decreased from +/R7186 to +/- R6958 and yet discovery expects me to wait till I am 55 to withdraw my money at which point there will be nothing left in the Fund due to the charges and constantly declining Fund Benefit.

5 replies

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