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Implementation of Tax Harmonisation of Retirement Fund Contributions and Benefits

National Treasury would like to inform all members of the public that the tax harmonisation reforms of retirement funds will be implemented from 1 March 2016. This is in terms of the current law legislated in 2013, and amended in 2014 by shifting the effective date to 1 March 2016 (i.e. the Taxation Laws Amendment Act, No.39 of 2013, as amended by Act No. 43 of 2014). It should be noted that the 2015 Taxation Laws Amendment Bill does not amend the scheduled implementation date, but only amends the R150 000 de minimis threshold to R247 500; closes certain coverage gaps; and requires a review of the legislation after two years from the effective date, and to report this review to Parliament.

Find below a copy of the full media release and explanatory notes released by Treasury: