Time Is Running Out To Get A Tax Deduction - Act Before 28 February 2009

The end of the tax year is almost upon us and this is your last chance to contribute a lump sum to a Retirement Annuity in order to get a tax deduction for the 2009 tax year.

Due to a recent change in the Income Tax Act persons over 70 years of age can also get tax relief by investing in a Retirement Annuity.

The Silke Retirement Annuity Fund offers clients:

• Low costing
• A wide choice of underlying portfolios - from low risk money market funds through the entire spectrum of portfolios from Allan Gray, Coronation, Investec, RMB, Stanlib, Prudential and more
• No penalties on early maturity
• Contributions are tax deductible up to certain limits
• No tax within the portfolio
• No Capital Gains Tax
• No ‘insurance' element
• If a client has liquid cash and is concerned about estate duty and executor's fees on death, a large contribution to a Retirement Annuity can be made so that the beneficiaries will have regular income in the event of the client's death. For example, if a client is sitting with R 3 000 000 in money market and does not need the money during his lifetime, he can legally invest this amount into a Retirement Annuity and his estate will not pay estate duty or executors fees on this amount. In this case, as an example, there will be a 20% saving in estate duty of R 600 000 [assuming it is a large estate] and a saving of R 119 700 in executor's fees.

Silke Financial Services offers Retirement Annuities from a minimum of R500.00 per month or a lump sum of R 20 000.

Silke Financial Services has the experience, skill & knowledge to guide your investment-making decisions in the most appropriate manner.

You are welcome to contact Ross Munro and Associates. We have partnered with Ross and his team specifically to extend our service offering to you. Ross and his well qualified team offer accounting, personal and corporate tax services.

Office Number: 021 674-4012
Email: ross@rossmunro.co.za
www.rossmunro.co.za
Fax: 086 669-1121