SAQA All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.
SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED UNIT STANDARD THAT HAS PASSED THE END DATE: 

Demonstrate knowledge and insight into the Income Tax Act (58 of 1962 and the accompanying regulations) as amended as it applies to Long-Term insurance and investment products 
SAQA US ID UNIT STANDARD TITLE
243132  Demonstrate knowledge and insight into the Income Tax Act (58 of 1962 and the accompanying regulations) as amended as it applies to Long-Term insurance and investment products 
ORIGINATOR
SGB Insurance and Investment 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY
-  
FIELD SUBFIELD
Field 03 - Business, Commerce and Management Studies Finance, Economics and Accounting 
ABET BAND UNIT STANDARD TYPE PRE-2009 NQF LEVEL NQF LEVEL CREDITS
Undefined  Regular  Level 4  NQF Level 04  2 
REGISTRATION STATUS REGISTRATION START DATE REGISTRATION END DATE SAQA DECISION NUMBER
Passed the End Date -
Status was "Reregistered" 		 2018-07-01  2023-06-30  SAQA 06120/18 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2026-06-30   2029-06-30  

In all of the tables in this document, both the pre-2009 NQF Level and the NQF Level is shown. In the text (purpose statements, qualification rules, etc), any references to NQF Levels are to the pre-2009 levels unless specifically stated otherwise.  

This unit standard replaces: 
US ID Unit Standard Title Pre-2009 NQF Level NQF Level Credits Replacement Status
14315  Demonstrate knowledge and insight into the Income Tax Act (58 of 1962 and the accompanying regulations) as amended as it applies to insurance and investment products  Level 4  NQF Level 04  2   

PURPOSE OF THE UNIT STANDARD 
This Unit Standard is intended to empower learners who work in insurance and investment organisations and learners who work in call centres with sufficient general knowledge of the Income Tax Act to enable them to apply the provisions of the Act to Long-Term insurance products and investment instruments.

The qualifying learner is capable of:
  • Identifying the sections of the Income Tax Act (58 of 1962) that apply to Long-Term insurance products and investment instruments.
  • Applying the relevant sections of the Act to Long-Term insurance products and investment instruments.
  • Explaining the tax implications on local and foreign dividends and interest.
  • Applying knowledge of taxation on Long-Term insurance products and investment instruments to the annual tax return. 
    		•

    LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    It is assumed that learners are competent in Communication and Mathematical Literacy at Level 3. 

    UNIT STANDARD RANGE 
    The typical scope of this Unit Standard is tax deductible and tax allowable.
  • Sections of the Act include Life of the deceased (3.3a) and estate duty.
  • Insurance and investment products with tax implications include Long-Term Insurance products, Pension Funds, Retirement Annuity Funds and Provident Funds.
  • Tax implications on Retirement Annuities include tax advantages, premiums and once matured.
  • Tax documents include proof from banks, insurance policies, investments and medical schemes.
  • Income Tax refers to tax on individual natural persons.
  • Long-Term includes Life Insurance, Retirement Funds and Medical Schemes. 
    		•

    Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Identify the sections of the Income Tax Act (58 of 1962) as amended that apply to Long-Term insurance and investments. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    The sections of the Act that apply to Long-Term insurance, medical schemes and investment instruments and retirement funds are identified in the Act. 

    ASSESSMENT CRITERION 2 
    The implications of the Annual Budget Speech of the Minister of Finance for changes and review of tax legislation are explained with reference to how the latest budget speech impacted on insurance and investments. 

    SPECIFIC OUTCOME 2 
    Apply the relevant sections of the Income Tax Act to Long-Term insurance products and investment instruments. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    The different investment and Long-Term insurance products that have tax implications are named with examples. 

    ASSESSMENT CRITERION 2 
    The application of tax in Retirement Annuity type products is explained and an indication given of the limits on investment and who would purchase such a product. 

    ASSESSMENT CRITERION 3 
    The application of tax on the proceeds from a pension fund is explained and an indication given of the effect of tax on death, early withdrawal and retirement. 

    ASSESSMENT CRITERION 4 
    The application of tax on the proceeds from a provident fund is explained and an indication given of the effect of tax on death, early withdrawal and retirement. 

    ASSESSMENT CRITERION 5 
    Endowment policies, retirement annuities, pension funds and provident funds are compared in terms of the tax advantages to the client. 

    ASSESSMENT CRITERION 6 
    The difference in taxation of voluntary and compulsory annuities is explained with examples. 

    SPECIFIC OUTCOME 3 
    Explain the tax implications on local and foreign dividend and interest. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    The effect of tax on dividends is explained for local and foreign investment options. 

    ASSESSMENT CRITERION 2 
    The effect of tax on interest bearing investments and dividends from investments is explained with reference to the significance of the Budget Speech on taxable interest. 

    SPECIFIC OUTCOME 4 
    Apply knowledge of taxation on Long-Term insurance products and investment instruments to the annual tax return. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    The tax certificates or documents required to prove taxable allowances or show taxable income are identified for different insurance and investment instruments. 


    UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
  • Anyone assessing a candidate against this Unit Standard must be registered as an assessor with the relevant ETQA or ETQA where a Memorandum of Understanding (MOU) exists with the relevant ETQA.
  • Any institution offering learning that will enable achievement of this Unit Standard must be accredited as a provider through the relevant ETQA or ETQA where a Memorandum of Understanding (MOU) exists with the relevant ETQA.
  • Moderation of assessment will be overseen by the relevant ETQA according to the moderation guidelines and the agreed ETQA procedures. 
    		•

    UNIT STANDARD ESSENTIAL EMBEDDED KNOWLEDGE 
    N/A 

    UNIT STANDARD DEVELOPMENTAL OUTCOME 
    N/A 

    UNIT STANDARD LINKAGES 
    N/A 


    Critical Cross-field Outcomes (CCFO): 

    UNIT STANDARD CCFO ORGANISING 
    The learner is able to manage his/her own activities responsibly and effectively to maximise productivity and service to clients by being able to demonstrate the various applications and impact of tax on different products and investments. 

    UNIT STANDARD CCFO COLLECTING 
    The learner is able to collect, organise and apply information relating to the Income Tax Act and documents and tax certificates required to prove taxable allowance and taxable income. 

    UNIT STANDARD CCFO COMMUNICATING 
    The learner is able to communicate effectively in explaining the application of the Income Tax Act to Long-Term insurance and investment products/instruments. 

    UNIT STANDARD CCFO DEMONSTRATING 
    The learner is able to demonstrate an understanding of the world as a set of related systems by identifying the implications of the Budget speech for taxation of interest and explaining how the last Budget Speech impacts on Long-Term insurance and investment. 

    UNIT STANDARD ASSESSOR CRITERIA 
    N/A 

    REREGISTRATION HISTORY 
    As per the SAQA Board decision/s at that time, this unit standard was Reregistered in 2012; 2015. 

    UNIT STANDARD NOTES 
    This unit standard replaces unit standard 14315, " Demonstrate knowledge and insight into the Income Tax Act (58 of 1962 and the accompanying regulations) as amended as it applies to insurance and investment products ", Level 4, 2 credits. 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Elective  66613   Further Education and Training Certificate: Wealth Management  Level 4  NQF Level 04  Passed the End Date -
    Status was "Reregistered"     		 2023-06-30  As per Learning Programmes recorded against this Qual 


    PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS UNIT STANDARD: 
    This information shows the current accreditations (i.e. those not past their accreditation end dates), and is the most complete record available to SAQA as of today. Some Primary or Delegated Quality Assurance Functionaries have a lag in their recording systems for provider accreditation, in turn leading to a lag in notifying SAQA of all the providers that they have accredited to offer qualifications and unit standards, as well as any extensions to accreditation end dates. The relevant Primary or Delegated Quality Assurance Functionary should be notified if a record appears to be missing from here.
     
    NONE 


    All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.