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Income Tax Act, 1962 (Act No. 58 of 1962)

Schedules

Second Schedule

Transfer between the Components of the Retirement System: Deductions

 

6B. The deduction to be allowed from an amount contemplated in paragraph 2(1)(d) is equal to so much of that amount as is transferred for the benefit of a person from the—
(a) savings component in a fund into the savings component of a member or former spouse of that member or the retirement component of a member or former spouse of that member in another pension fund, pension preservation fund, provident fund, provident preservation fund or retirement annuity fund;
(b) vested component in that fund into the vested component of that member or former spouse of that member or the retirement component of that member or former spouse of that member in another pension fund, pension preservation fund, provident fund, provident preservation fund or retirement annuity fund; and
(c) retirement component into the retirement component of that member or former spouse of that member in another pension fund, pension preservation fund, provident fund, provident preservation fund or retirement annuity fund:

Provided that subparagraph (a), (b) or (c) only applies to an amount transferred on termination of membership in the transferor fund or an amount contemplated in paragraph 2(1)(b)(iA), and only if all the remaining components are transferred to the same transferee fund or if all the components are transferred on an individual contract policy basis to the same transferee fund.

 

[Paragraph (6B) of the Second Schedule substituted by section 3(1) of the Revenue Laws Second Amendment Act 44 of 2024 N5738, GG51828, dated 24 December 2024 - comes into operation on 1 September 2024 (section 3(2))]