DStv Channel 403 Tuesday, 03 December 2024

Two-pot retirement system | Kieswetter: SARS will deduct tax if you owe it

JOHANNESBURG - SARS Commissioner Edward Kieswetter says the taxman will deduct money automatically if it's owed before someone applies for a two-pot retirement payout.

The “two-pot” system will allow employed South Africans to access a portion of their pension, from 1 September.

WATCH: Two-pot system | Time to get something from the pot

"If you owe SARS any money, that amount will be deducted," he said.

Meanwhile, concerned institutions are warning employees to tread with caution when trying to access their pensions. 

Paid Content