Two-pot withdrawals: taxpayers who understate their income face penalties
SARS has processed more than 1.2 million tax directives for savings component withdrawals, paying out R21.4 billion to fund members.
#savingsbenefitwithdrawals
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Momentum reports R1.7bn in two-pot withdrawal applications
More than 60% of two-pot withdrawal applicants have come from low-income groups, according to Momentum’s latest figures.
R4.1 billion in withdrawals: surge in two-pot claims highlights financial planning challenges
The introduction of the two-pot retirement system has triggered a wave of withdrawal applications, prompting concerns over tax liabilities and the need for improved financial education.
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.
