💨 Abstract

The South African National Assembly has passed the Revenue Laws Amendment Bill, refining the two-pot retirement system introduced in September 2024. The bill clarifies technical aspects, such as calculating the initial seed amount for early withdrawal and handling deductions under Section 37D. It also updates definitions for legislative consistency. Further changes, including potentially lifting the "one-fund withdrawal" restriction, are expected. The bill will now be reviewed by the National Council of Provinces.

Courtesy: Garrin Lambley