TWO POT RETIREMENT SAVINGS AND DRUG-FREE SPORT BILLS SIGNED INTO LAW

TWO POT RETIREMENT SAVINGS AND DRUG-FREE SPORT BILLS SIGNED INTO LAW

• 01 June 2024
• New Legislation
• SA Legal Academy

Please note: On 4 June 2024, the South African Institute for Drug-Free Sport Amendment Act and the Revenue Laws Amendment Act were gazetted. The Revenue Laws Amendment Act will come into effect on 1 September 2024 and will apply in respect of years of assessment commencing on or after that date. The South African Institute for Drug-Free Sport Amendment Act is not yet in force. 

The Presidency has issued media statements separately announcing that the following Bills have been signed into law:

• the Revenue Laws Amendment Bill’s ‘B’ version (providing for the introduction of a two pot retirement savings system), and
• the South African Institute for Drug-Free Sport Amendment Bill’s ‘B’ version (among other things aligning the Act with World Anti-doping Agency code requirements)

At the time of writing, neither Act had been gazetted – making it impossible to report accurately on the status of either piece of new legislation.

This notwithstanding:

• numerous provisions in the Revenue Laws Amendment Bill’s ‘B’ version refer to 1 September 2024 as the prescribed implementation date, while
• the Pension Funds Amendment Bill (providing for the tax treatment of the two-pot retirement savings system and passed by Parliament on 16 May 2024) has not yet been signed into law and will presumably need to be commenced simultaneously, and
• the South African Institute for Drug-Free Sport Amendment Bill’s ‘B’ version provides that the Act itself will come into operation ‘on a date fixed by the President by proclamation in the Gazette’.

As a result, it is probably safe to assume that the two Acts will simply join the statute books and are not yet in force.

• Revenue Laws Amendment Bill media statement
• South African Institute for Drug-Free Sport Amendment Bill media statement

Published by SA Legal Academy Policy Watch

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