Final legacy RA exemption conditions published
Commentators did not raise any significant concerns in their responses to the draft conditions, the FSCA says.
Compliance and Legislation
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.
Adjudicator urges funds and members to communicate to avoid two-pot complaints
Members should find out whether they will be eligible to withdraw money from their savings components.
FSCA warns against Blueway Trades’ forex AI robot and social media tactics
One of the entity’s Facebook posts says it can turn R1 700 into R120 000.
Temporary RE exemption for crypto FSPs expires in three months
FAIS Notice 25 of 2023 exempts crypto asset FSPs and KIs from the regulatory examination requirements for 18 months.
Legal practitioners reminded to comply with the Financial Intelligence Centre Act
The Financial Intelligence Centre sets out legal practitioners’ obligations under the FIC Act.
Consumers should inform themselves before they transact, says FAIS Ombud
The Office has sorted out the ‘embarrassing’ backlog of cases John Simpson inherited and has set timeframes for resolving complaints.
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.
FSCA publishes ‘two pots’ guidance for defined-benefit funds
If a fund cannot follow the standard allocation methods, it must apply for FSCA approval to use an alternative, reasonable method.
Twins born from donor sperm outside marriage not legal dependants
Sperm does not a father make and being a biological parent does not confer absolute rights, according to a ruling by the Pension Funds Adjudicator.
FIC publishes finalised guidance on beneficial ownership
Public Compliance Communication 59 has been issued following two rounds of public consultation.
Animated video explains the two-pot retirement system
It is accompanied by three brochures that unpack different aspects of the two-pot system in more detail.
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.
Broker debarred for adding property to policy after it was set on fire
The house, which belonged to the broker’s brother, was set alight after the sheriff served an eviction letter on the occupant.
When does the countdown for tracing a fund member’s dependants start?
High Court hands down a decision on the interpretation of the tracing provision in section 37C of the Pension Funds Act.
SARB sanctions insurers and bank for FICA breaches
The non-compliance was discovered during inspections by the Prudential Authority in 2020 and 2022.
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.
