Transcription of 6th Report - BENEFIT FUNDS CHAPTER 1 - …
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6th Report - BENEFIT FUNDS CHAPTER 1 - …
6th Report - BENEFIT FUNDS CHAPTER 1 - introduction The Income Tax Act recognises three categories of BENEFIT fund . These are: (a) Friendly Societies; (b) Registered Medical Schemes; and (c) an omnibus category - often referred to as "para (c) BENEFIT FUNDS " - which depend for their recognition on approval by the Commissioner, and are described in more detail in section 5 of this Report . BENEFIT FUNDS have an income tax regime of their own. Its nature may be summarised under four headings:- (i) taxation of the fund itself; (ii) tax treatment of contributions by employers; (iii) tax treatment of contributions by members, who are usually (but not always) employees; and (iv) the tax status ( "capital" or "income") of benefits received from a fund , and their tax treatment if regarded as income.
6th Report - BENEFIT FUNDS CHAPTER 1 - INTRODUCTION 1.1 The Income Tax Act recognises three categories of benefit fund. These are: (a) Friendly Societies;
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