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INCOME TAX ACT: NATIONAL TREASURY GAZETTES CHANGES TO RETIREMENT FUND LUMP SUM BENEFIT COMPUTATION SCHEDULE
- 04 May 2023
- Taxation
- SA Legal Academy
Please note: On 5 May 2023, National Treasury issued a media statement explaining the rationale underpinning amendments to Schedule 2. Headed, 'Tax exemption of bulking payments to former members of closed retirement funds', the notice makes it clear that the exemption applies only when lump sum benefits meet the requirements specified.
National Treasury has gazetted a notice prescribing ‘the events referred to in paragraph 2D of the Second Schedule to the Income Tax Act, 1962’, as amended. They came into effect on 3 May 2023.
The Act’s Schedule 2 deals with computing gross income derived from pension, provident and retirement annuity funds by way of lump sum benefits.
In that context, the notice has implications for income received before 1 January 2008 and not disclosed. It also applies to income from pension preservation funds and provident preservation funds.
- Government Gazette notice
Published by SA Legal Academy Policy Watch