Massive interest in two-pot withdrawals puts administrators to the test
As the two-pot system rolls out, fund administrators are receiving a wave of withdrawal claims, highlighting the financial squeeze many are feeling.
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Cosatu wants urgent discussions with Treasury over changes to two-pot system
One of its four proposals is to allow members to transfer up to a third of their vested savings to their savings component.
‘Severe consequences’ for employees involved in hacking taxpayer profiles
The Tax Ombud is investigating SARS for potential service failures in addressing eFiling hijacking, with a review under way to uncover systemic issues.
Two strikes and you’re out: SARS clarifies tax practitioner registration
An Interpretation Note provides clear guidelines on when a practitioner can be prohibited from registering or deregistered due to non-compliance.
SARS alerts fund members to the requirements for two-pot withdrawals
A request for a tax directive will be declined if a member is not a registered taxpayer or has outstanding returns.
Dividend windfall for Coronation shareholders
The declaration follows the Constitutional Court’s ruling in the asset manager’s favour in a tax dispute with SARS.
Positive amendments to VAT regulations relating to electronic services
The amendments will relieve offshore companies from VAT registration when supplying services to domestic vendors, aligning SA with global best practice.
Tweaking needed to tighten anti-avoidance rules on loans to trusts
The draft Taxation Laws Amendment Bill addresses a critical anomaly in trust anti-avoidance legislation. By narrowing the transfer pricing exemption, the Bill ensures that only the correct portion of cross-border trust loans escapes double taxation.
Sasfin fined R160m for ‘non-compliance’ by discontinued forex business
The bank also faces a R4.9bn claim arising from SARS’s alleged inability to collect taxes and penalties from former foreign exchange clients.
SARS clarifies change to retirement fund contribution deduction
If a person’s year of assessment is less than 12 months, the allowable retirement contribution deduction will be applied pro rata.
Nearly all tax refund reversals have been resolved, says SARS
The revenue authority apologises to the 30 000 taxpayers whose refund payments were reversed.
How the process to make withdrawals from the savings ‘pot’ will work
Retirement fund members must ensure their fund has their correct details and they are registered as a taxpayer with SARS.
FSCA alerts funds of consequences if two-pot rule amendments aren’t submitted by 31 July
Funds that cannot pay withdrawals because their rules are invalid must inform members why they may not be allowed to access their benefits.
10 things people often get wrong about the two-pot retirement system
Old Mutual’s learnings about what people know or expect, based on its interactions with customers and advisers.
What you should know about the 2024 tax-filing season
This year’s return provides for claiming the residential solar energy tax rebate or a tax deduction in respect of the renewable energy tax incentive.
SARS pays back R10bn, but some taxpayers’ refunds are being withheld
Taxpayers should inform SARS if they have been unemployed for a full year or longer, to avoid being flagged as non-compliant.
Pre-retirement savings withdrawals ‘make sense in certain cases’
Preservation must be encouraged, but the reality is that a retirement fund is many South Africans’ only source of savings, says Alexforbes.
