Thursday, September 12, 2024
The South African Revenue Service (SARS) has received tax directives worth R4.1 billion in applications for the savings withdrawals in the two pot system.
SARS said it has received a total 161,607 tax directive applications. This includes the directives which have been cancelled.
A total of 159 853 relates to Savings Withdrawal Benefits, which is 98.9% of the total number of applications received from 1 -10 September 2024, which means SARS received an average of 17,964 tax directive applications a day.
SARS Commissioner Edward Kieswetter said contributions made to a pension or retirement fund were not taxed at the time of payment to the fund but deferred to the time the person retires and then taxed at a reduced rate.
However, when an individual withdraws now, they will be taxed at their marginal tax rate.
“Applications for tax directives are submitted to SARS by the fund administrator via eFiling. The directive indicates to the fund how much tax should be withheld by the fund on behalf of SARS before payout.
“Taxpayers who owe SARS money must realise that this tax debt will be added to the tax on withdrawal from the savings benefit. But if there are payment arrangements in place to settle the debt with SARS, this debt will be deducted as per agreement between SARS and the Taxpayer. A tax debt that has been deferred will also not be deducted,” the Commissioner said on Wednesday.
He indicated that the turn-around time for SARS to complete directive applications, without any human intervention, is no more than 24 hours.
The channels used by taxpayers to get more information from SARS about the new system include the SARS Online Query System on the SARS website and the SARS WhatsApp channel – 0800 11 7277 where taxpayers can do simulated tax calculations on their two pot withdrawals.
“Applicants give three reasons why they want to make a withdrawal from the new system: a transfer due to divorce, a transfer to a retirement fund and a withdrawal by the taxpayer. As the situation is changing daily, SARS will provide periodic updates on the numbers of withdrawals,” SARS said.
READ | Pension fund members required to be registered for tax to withdraw savings
–SAnews.gov.za
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Cumulo
Bliksem – to hit. This is a derogative term meaning to hit or punch someone.Example: “I’ll bliksem you!”
Pinball Wizard
The Man who could only Drink Milk
I know an old man who had lived a life full of adventure, but his health started to catch up with him. He\’d run the Boston Marathon, was an avid surfer, and climbed Everest, but he\’d started to have abdominal pains around his 85th birthday and went to see a doctor. Sadly, he ultimately was diagnosed with a rare degenerative liver disease that slowly made him allergic to everything he ate.
He kept copious notes, and as an avid gastronomist slowly grew to despair as everything he\’d spent his life enjoying became something he could no longer eat. Alcohol went first, then mushrooms, then bread, then root vegetables, then coffee, one at a time he had to remove them from his diet. The doctor was clear: if he kept eating something his liver rejected the autoimmune response would be quick and severe, and would lead to a painful death. Little by little, everything was taken away as an option, until the only thing that remained was milk.
In some ways, this actually made life easier, because the mental strain of remembering what he could and couldn\’t eat was gone, but then so was the joy in variety. But he took it in stride, and got his own cow and took classes from a farmer to learn everything he could about the only thing that could give him sustenance. And even within milk, he could still have yogurt, butter, cream, some cheeses, and other milk-derived products he hadn\’t fully rejected yet, so it wasn\’t all bad. But then one day a few months later he felt the pain again, and he knew cow\’s milk was no longer an option.
Lacking other options, he tried goat\’s milk, and he was delighted that it worked! The protein structure is just different enough that his body still tolerated it. That bought him another month. And that\’s when we came up with a wonderful plan to go on one last grand adventure around the world. If he could get one month of life out of the milk of every mammal, he\’d actually have a few more years to enjoy life to the fullest and see the world in all its beauty. Each month, we\’d pick a place with a new mammal, and he would immerse himself fully with the locals, learn all the ways to prepare the milk, and just enjoy the hand he had been dealt as much as he could.
We milked sheep in New Zealand. Camels in Egypt. Zebras in South Africa. Giant bats in Indonesia. Do you know how many Peruvian cuy you need to milk to get a single glass? I do. Even as his health slowly faded, he stayed cheerful, and I felt lucky to join him on the adventure of a lifetime. That brings us to today when he got to the very end of his spreadsheet, and declared that he was now allergic to every mammal. He\’d enjoyed his journey, but his time had come to an end, for there was nothing left to milk.
To which I said nonsense, I bet we can milk a few thousand karma out of this post.