Two-Pot Retirement System | SARS Commissioner elaborates tax implications of making withdrawals
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- Опубліковано 16 вер 2024
- Some labour unions are of the view that government can still do something to alleviate workers from high taxes that are associated with the withdrawal from the two-pot retirement system.
This is despite that the Revenue Laws Amendment is effective from today to allow workers to access a portion of the retirement savings.
As things stands SARS has indicated that tax for all withdrawals will be calculated at marginal rate - meaning at your current tax bracket.
To find out if this is still the situation, we are not joined by the SARs Commissioner Edward Kieswetter.
For more news, visit sabcnews.com and #SABCNews on all Social Media platforms.
Corruption made legal !!! Kudliwa njeee Amandla abazali Bethu lah!!! Ftsek
true , but its called "Pension fund for a reason"
Why did they create a system that doesn't help citizens? If i have an "emergency? That needs R25k, with the tax implications this will basically not resolve my emergency. This money should be tax free
Why are we not saving for emergency? Yet some people go for holidays n indulge in luxuries year n year out. Not ignoring dat der those who earn too little to can save. Retirement is for just that not for emergencies 😢😢😢
@@thembinkuna96 That is true, but now this system is created for "emergency" why not leave the retirement as it was. There was nothing wrong with it
It was tax free when you accumulated it !!!
Domkop !!!
Who can save these days?
@@charliecane3621Precisely my question.
How can I plan for the future while I'm struggling now with my monthly salary.
Basically, live as if nothing changed and forget about this thing. The system is programmed not to make everyone and anyone rich. Further more, its designed to keep us dependent on it.
This pot system only benefits sars or the government.
South Africa is the only country that pays so higher-ups tax monies and if you withdraw your own money then they deduct some of your money Why??? Give our money we worked for it where's the labour law or do we pays Gov debt??
😢 exactly
Always will find a way to rip us out. This is not what citizens asked for. Even when retired you still pay tax. The unions must stop this nonsense and
GNU please assist us, cause this was implemented by the ANC before GNU
How does it work for people who pay the tax on salary and then put a portion into a retirement fund. Why pay tax again on your monthly retirement pension.
If you are putting taxed money into an annuity, the tax on those payments can be claimed back from sars at the end of the tax season.
You don't!!!
Domkop...
You don't pay tax on money that goes into retirement funds....you deduct it when you fill in your tax return....
Government is taking crazy decisions with our monies without our concern n our unions are no were to be found😮Tjooo
The ANC of Ramaphosa's is killing us
They know people are desperate for extra money in a systems that make so hard fo live in.
Fraudsters.
1000%
ANC are domkoppe
Is it not a scam why they are taxing people twice in their money
The deductions is before tax
This is simple why you Sars wants to benefit out of this? When you know people who will be tempted to withdraw is a poor working class?
He never gave the contact no.
Give us access tax free...
it honestly compromises anyone who withdraws, as the tax bracket essentially increases and places you in a higher tax bracket.
may even further debt you in the long run, so whats the point?
i thought our government came with this option, to help us , because he could see people re in trouble indebted but now it seems we will find ourselves being the victims of the same Sars , this money supposed to be tax free, they brought it to only maximum of 30 k subjected tax ,now they coming with another thing of you owing SARS, THEY SHOULD HAVE SAID ,SARS IS IN TROUBLE ,WE SHOULD BAIL SARS,
And it will be used on non-tax payers 🤔
With an Endowment Policy tax is paid up front so when it is paid out no tax is deducted. A certain percentage can be withdrawn once only. When my business was adversely affected by the 2008 crash I had to use this option in order to pay bills and eat. Difference with a pension fund is that it is not taxed up front.
If one is not working, which tax rate is going to be used?
SARS Wants to be the enemy of the people they better leave this money alone please
Dear Sir how is the taxe number becomes a anactive but it's keep taxing by the same taxe number?
Punishing poor financial literacy and the inability to have savings separate from the retirement fund, and living below your means.
We can't access application
Funny how some people in they high horse talking nonsense that bad financially decisions and that and that wait until the are in the same situation that millions of people are facing let see if they will be talking the same BS that they saying now
17:39
I what to know how much I owe sars
Weeeee mameeee
Ridiculous!
But why they implement this system and tax us this huge amount, and if i invest they don't put the huge interest,our government doesnt cre about us,they care for themselves.PLS WE NEED URGENT HELP FROM ALL POLITICAL PARTIES, UNIONS WHO CARES ABOUT US
Why is this nonsense not optional, cause we are not properly consulted on behalf of our money
What happens if I get employment at 25 years of age and get retrenched at 50 yrs old and have zero chance of getting another job. Does that mean I must starve until I am 60yrs old? I can't access money to open a business? This is another way to oppress black ppor majority. BS.
ANC scammed you guys
Valid point! I dont think they care...
New outfit 😍... Its nice there ..
So this millionaire decides what poor you and I must do with our hard earned cash.
This is the mandate of the GNU you voted for
This has absolutely nothing to do with GNU, this law was legislated long before the elections, with the implementation date being 1st of September 24
@@mandlamshengu8777 some people are really stupid and uninformed
Scam scam scam.
motho o montle
Sars is greedy.
No comment
Legal heist got it 🤌🏽
Consequences of terrible financial decisions