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

Schedules

Second Schedule

Transfer on or after normal retirement age but before retirement date: Deductions

 

6A. The deduction to be made from a lump sum benefit contemplated in paragraph 2(1)(c) is equal to so much of that lump sum benefit as is transferred for the benefit of a person from a—
(a) pension fund into a pension preservation fund, provident preservation fund or a retirement annuity fund;

[Paragraph 6A(a) of the Second Schedule substituted by section 42(1) of the Taxation Laws Amendment Act, 2020 (Act No. 23 of 2020), GG44083, dated 20 January 2021 - comes into operation on 1 March 2021 (section 42(2)]

(b) provident fund into a pension preservation fund, provident preservation fund or a retirement annuity fund;
(c) pension preservation or provident preservation fund into another pension preservation or provident preservation fund or a retirement annuity fund; or
(d) pension fund or provident fund into another pension fund or provident fund that is subject to an involuntary transfer.

[Paragraph 6A(b)(c) of the Second Schedule substituted by section 40(1)(a) paragraph (d) inserted by section 40(1)(b) of the Taxation Laws Amendment Act, 2023 (Act No. 17 of 2023), Notice No. 4226, GG49894, dated 22 December 2023 - comes into operation on 1 March 2024 and applies in respect of years of assessment commencing on or after that date (section 40(2))]

 

7. [Paragraph 7 of the Second Schedule repealed by section 65(1) of the Revenue Laws Amendment Act, 2008 (Act No. 60 of 2008) - effective 1 March 2009]