Two-pot withdrawals linked to surge in used car sales
The Bureau of Market Research discloses what South Africans have done with their savings benefit withdrawals since September 2024.
#savingsbenefitwithdrawals
Alexforbes reports R7 billion in two-pot system withdrawals
It says 47% of members intend to make future claims – with 34% of those who have already claimed planning to do so again.
SARS anticipates up to R12bn from two-pot withdrawals
This is double the initial estimate of between R5bn and R6bn.
Gross two-pot withdrawals top R43 billion
SARS highlights common errors that can lead to application rejections and warns against attempts to evade tax.
Two pots: most Alexforbes members who have claimed will do so again
The company says 32% of its membership base have submitted claims with a value of about R6.5 billion.
R35bn withdrawn as SARS reports unprecedented two-pot system activity
Some 20% of applications for tax directives were rejected.
GEPF receives R10.6bn in two-pot withdrawal applications
More than 361 000 members of the GEPF have accessed their savings under the two-pot system, averaging R27 500 per claim.
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.
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.
