SAQA

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SOUTH AFRICAN QUALIFICATIONS AUTHORITY

REGISTERED UNIT STANDARD THAT HAS PASSED THE END DATE:

Demonstrate knowledge and insight into the Estate Duties Act (45 of 1955) as it applies to insurance

SAQA US ID	UNIT STANDARD TITLE
10392	Demonstrate knowledge and insight into the Estate Duties Act (45 of 1955) as it applies to insurance
ORIGINATOR
SGB Financial Services
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 "Registered"		2002-06-12	2005-06-12	SAQA 0742/02
LAST DATE FOR ENROLMENT		LAST DATE FOR ACHIEVEMENT
2006-06-12		2009-06-12

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 is replaced by:

US ID	Unit Standard Title	Pre-2009 NQF Level	NQF Level	Credits	Replacement Status
119678	Explain and apply the basic principles of the Estate Duty Act (45 of 1955)	Level 4	NQF Level 04	2

PURPOSE OF THE UNIT STANDARD

This unit standard is intended for financial advisors and learners who administer insured products where estate duty is applicable.

The qualifying learner is capable of:

Explaining the purpose of the Act.

Analysing the property in an estate.

Calculating the duty on an estate.

Applying the Estate Duties Act to long term insurance.

LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING

There is open access to this unit standard. Learners should be competent in Communication, Mathematical and Financial Literacy at Level 3.

UNIT STANDARD RANGE

The typical scope of this unit standard is the Estate Duties Act 45 of 1955 as it applies to insurance.

Specific Outcomes and Assessment Criteria:

SPECIFIC OUTCOME 1

Explain the purpose of the Estate Duties Act.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

1. The concept of wealth tax is explained with examples.

ASSESSMENT CRITERION 2

2. The relationship of Capital Gains Tax to Estate Duty is explained with reference to the part of wealth addressed by each tax.

ASSESSMENT CRITERION 3

3. Three case studies are analysed to establish what aspects of the estate are dutiable with reference to the Act.

SPECIFIC OUTCOME 2

Analyse the property in an estate.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

1. The concept of property is explained with examples.

ASSESSMENT CRITERION 2

2. The concept of deemed property is explained with examples.

ASSESSMENT CRITERION 3

3. The Act is used to determine whether an item is classified as property or deemed property.

ASSESSMENT CRITERION 4

4. Property to be included for the purpose of duty on the estate is identified from the Act.

SPECIFIC OUTCOME 3

Calculate the duty on an estate.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

1. The value of the property is calculated for an estate.

ASSESSMENT CRITERION 2

2. The net value of the property is calculated for an estate.

ASSESSMENT CRITERION 3

3. The duty due on an estate is calculated according to the scales in the Act.

SPECIFIC OUTCOME 4

Apply the Estate Duties Act to long term insurance.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

1. The effect of retirement fund benefits on the dutiable amounts in the estate is explained for three case studies with reference to the Pension Funds Act.

ASSESSMENT CRITERION 2

2. The effect of group life benefits on the dutiable amounts in the estate is explained for three case studies.

ASSESSMENT CRITERION 3

3. The effect of life benefits on the dutiable amounts in the estate is explained for three case studies.

ASSESSMENT CRITERION 4

4. The effect of key man insurance on the dutiable amounts in the estate is explained for three case studies.

ASSESSMENT CRITERION 5

5. The effect of business insurance on the dutiable amounts in the estate is explained for three case studies.

UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS

This unit standard will be internally assessed by the provider and moderated by a moderator registered by INSQA or a relevant accredited ETQA. The mechanisms and requirements for moderation are contained in the document obtainable from INSQA,
INSQA framework for assessment and moderation.

Critical Cross-field Outcomes (CCFO):

UNIT STANDARD CCFO COLLECTING

The learner is able to collect, organise and critically evaluate information relating to the Estate Duties Act.

UNIT STANDARD CCFO COMMUNICATING

The learner is able to communicate effectively in explaining the various sections of the Estate Duties Act.

UNIT STANDARD NOTES

This unit standard has been replaced by unit standard 119678, which is "Explain and apply the basic principles of the Estate Duty Act (45 of 1955)", 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	48640	National Certificate: Financial Services Management	Level 4	Level TBA: Pre-2009 was L4	Passed the End Date - Status was "Reregistered"	2023-06-30	INSETA
Elective	48493	National Certificate: Financial Services: Wealth Management	Level 4	NQF Level 04	Passed the End Date - Status was "Registered"	2007-02-11	Was INSETA until Last Date for Achievement
Elective	24396	National Certificate: Risk Management	Level 4	NQF Level 04	Passed the End Date - Status was "Registered"	2006-10-08	Was INSETA until Last Date for Achievement

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.

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