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Income Tax Act, 1962 (Act 58 of 1962)

Notice in terms of Paragraph 2C of the Second Schedule of the Income Tax Act, 1962 (Act No. 58 of 1962)

 

 

Notice No. 289

11 March 2009

 

 

South African Revenue Service

 

I, Trevor Andrew Manuel, Minister of Finance, prescribe that the event referred to in paragraph 2C of the Second Schedule of the Income Tax Act, 1962, is as follows-

 

a) any amount received by or accrued to a person from a pension fund, pension preservation fund, provident fund, provident preservation fund or retirement annuity fund in consequence of a payment to such fund by the administrator of such fund as a result of income received by the administrator prior to 1 January 2008 that was not disclosed to such funds;

 

b) any amount received by or accrued to a person from a pension fund or provident fund contemplated in paragraph (a) or (b) of the definition of "pension fund" in section 1 of the Income Tax Act, 1962 to the extent that that amount is similar to a payment in terms of a surplus apportionment scheme contemplated in section 15 B of the Pension Funds Act, 1956 (Act No. 24 of 1956);

 

c) any amount received by or accrued to a person from a pension preservation fund or provident preservation fund to the extent that it was paid or transferred to such a fund-
i) as an unclaimed benefit contemplated in paragraph (c) of the definition of "unclaimed benefit" in section 1 of the Pension Fund Act , 1956 (Act No. 24 of 1956); or
ii) as a result of or in consequence of an event contemplated in paragraph (a) of this notice.

 

 

 

T A  MANUEL

MINISTER OF FINANCE