{"id":1982,"date":"2024-02-26T09:16:37","date_gmt":"2024-02-26T07:16:37","guid":{"rendered":"http:\/\/www.ezfreight.co.za\/index.php\/2024\/02\/26\/tax-directive-system-enhancements-implemented-february-2024\/"},"modified":"2024-02-26T09:16:37","modified_gmt":"2024-02-26T07:16:37","slug":"tax-directive-system-enhancements-implemented-february-2024","status":"publish","type":"post","link":"https:\/\/www.ezfreight.co.za\/index.php\/2024\/02\/26\/tax-directive-system-enhancements-implemented-february-2024\/","title":{"rendered":"Tax Directive system enhancements implemented (February 2024)"},"content":{"rendered":"<p>26 February 2024 \u2014 SARS has enhanced the Tax Directives system in line with legislative and system requirements.<\/p>\n<p>The following changes to the Tax Directives process will affect external stakeholders:<\/p>\n<ul style=\"list-style-type: disc\">\n<li>Taxation of local and foreign income will now cater for South African citizens who earned income both locally and abroad in one Year of Assessment, but who do not qualify for 10(i)(o)(ii).<\/li>\n<\/ul>\n<ul style=\"list-style-type: disc\">\n<li>Free portability between funds, such as with transfers to unclaimed benefit funds:<\/li>\n<\/ul>\n<ul>\n<li style=\"list-style-type: none\">\n<ul>\n<li>The provisions of the Income Tax Act confirm that a deduction equal to the value of the amount transferred will be allowed as a deduction for any transfer from a pension fund and pension preservation fund (including an unclaimed-benefit pension preservation fund).<\/li>\n<li>This means that the transfer will be tax neutral.<\/li>\n<li>The update to the directives system will allow the <strong>\u201cTransfer \u2013 Unclaimed Benefits\u201d (code 48)<\/strong> to account for transfers between pension, preservation, and provident funds, and unclaimed-benefit funds of each type.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li>Free portability between funds: the following fund types will be added to the eFiling <strong>RT01 screen drop-down menu<\/strong>:<\/li>\n<\/ul>\n<ul>\n<li style=\"list-style-type: none\">\n<ul>\n<li>Unclaimed Pension Preservation Fund.<\/li>\n<li>Unclaimed Provident Preservation Fund.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>Source: SARS Tariffs<br \/>\n<a href=\"https:\/\/www.sars.gov.za\/latest-news\/tax-directive-system-enhancements-implemented-february-2024\/\" target=\"_blank\" rel=\"noopener\">Tax Directive system enhancements implemented (February 2024)<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>26 February 2024 \u2014 SARS has enhanced the Tax Directives system in line with legislative and system requirements. The following changes to the Tax Directives process will affect external stakeholders: Taxation of local and foreign income will now cater for South African citizens who earned income both locally and abroad in one Year of Assessment, &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-1982","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 Directive system enhancements implemented (February 2024) - 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\/2024\/02\/26\/tax-directive-system-enhancements-implemented-february-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tax Directive system enhancements implemented (February 2024) - Easy Freight\" \/>\n<meta property=\"og:description\" content=\"26 February 2024 \u2014 SARS has enhanced the Tax Directives system in line with legislative and system requirements. 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