{"id":1848,"date":"2023-09-15T16:53:59","date_gmt":"2023-09-15T14:53:59","guid":{"rendered":"http:\/\/www.ezfreight.co.za\/index.php\/2023\/09\/15\/tax-directives-changes-and-enhancements\/"},"modified":"2023-09-15T16:53:59","modified_gmt":"2023-09-15T14:53:59","slug":"tax-directives-changes-and-enhancements","status":"publish","type":"post","link":"https:\/\/www.ezfreight.co.za\/index.php\/2023\/09\/15\/tax-directives-changes-and-enhancements\/","title":{"rendered":"Tax Directives changes and enhancements"},"content":{"rendered":"<p>15 September 2023 &#8211;\u00a0Prior to 1\u00a0March\u00a02023 a member of a retirement annuity fund could only transfer all the contracts \/ policies in that retirement annuity fund to only one other retirement annuity fund.<\/p>\n<p>With effect from 1 March\u00a02023 the definition of \u201cretirement annuity fund\u201d was amended to provide a member with more than one contract \/ policy in a retirement annuity fund can now transfer one or more of these contracts \/ policies to another approved retirement annuity fund, subject to the following conditions:<\/p>\n<ul>\n<li>The transfer value of the member\u2019s interest must exceed R371\u00a0250 per contract \/ policy. Therefore, the value of each contract \/ policy must be equal to or more than R371\u00a0250 to be able to split the transfer to multiple approved retirement annuity funds. If any of the contracts \/ policies value is less than R371\u00a0250 the member cannot transfer to more than one retirement annuity fund.<\/li>\n<li>If the total member\u2019s interest is not transferred, the amount remaining in the retirement annuity fund must exceed the amount of R371 250.<\/li>\n<\/ul>\n<p>The monetary restriction of R371\u00a0250 will not be applicable per transferring contract \/ policy when the member\u2019s entire interest in one retirement annuity fund is transferred to another retirement annuity fund (i.e. not transferred to more than one retirement annuity fund).<\/p>\n<p><b>Tax directive system and application forms enhancements<\/b><\/p>\n<p><strong>Form C retirement annuities<\/strong><\/p>\n<ul>\n<li>The tax directive system and the Form C tax directive application form was enhanced to allow up to four contract\/policy to be transferred to multiple approved retirement annuity approved funds.<\/li>\n<li>The tax directive system will reject a tax directive application if:\n<ul>\n<li>The amount to be transferred is split in such a way that the value of each contract\/policy does not exceed R371 250; and\/or<\/li>\n<li>The remaining amount in the retirement annuity fund does not exceed the amount of R371 250, in circumstances where the member&#8217;s vested interest is not transferred in full.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><strong>Recognition of Transfer (ROT) decline message<\/strong><\/p>\n<p>A significant number of ROT\u2019s are outstanding. Therefore, some of the ROT rejection error messages have been updated to provide more detail as to why the ROT submission was rejected, to help the Fund Administrators and Long-term Insurers to better understand the reason for the rejection and to assist in the submission of the ROT\u2019s.<\/p>\n<p>Source: SARS Tariffs<br \/>\n<a href=\"https:\/\/www.sars.gov.za\/latest-news\/tax-directives-19\/?utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=tax-directives-19\" target=\"_blank\" rel=\"noopener\">Tax Directives changes and enhancements<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>15 September 2023 &#8211;\u00a0Prior to 1\u00a0March\u00a02023 a member of a retirement annuity fund could only transfer all the contracts \/ policies in that retirement annuity fund to only one other retirement annuity fund. With effect from 1 March\u00a02023 the definition of \u201cretirement annuity fund\u201d was amended to provide a member with more than one contract &hellip;<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[1],"tags":[24],"class_list":["post-1848","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-shipping"],"jetpack_publicize_connections":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Tax Directives changes and enhancements - Easy Freight<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ezfreight.co.za\/index.php\/2023\/09\/15\/tax-directives-changes-and-enhancements\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tax Directives changes and enhancements - Easy Freight\" \/>\n<meta property=\"og:description\" content=\"15 September 2023 &#8211;\u00a0Prior to 1\u00a0March\u00a02023 a member of a retirement annuity fund could only transfer all the contracts \/ policies in that retirement annuity fund to only one other retirement annuity fund. 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