Revenue Laws Amendment Act

4 No. 53916 GOVERNMENT GAZETTE, 24 DEcEMbER 2025 Act No. 6 of 2025 Revenue Laws Amendment Act, 2025 4 1. (1) Section 1(1) of the Income Tax Act, 1962, is hereby amended— (a) by the substitution in the definition of ‘‘member’s interest in the retirement component’’ for the words following paragraph (c) of the following words: ‘‘as determined in terms of the rules of the fund, which amount or fund return is reduced proportionally by any amount deducted from a member’s benefit or minimum individual reserve in terms of section 37D(1)(a), (b), (c), (d)(i), (d)(iA), (d)(iB) or (e) of the Pension Funds Act or a similar provision in the Government Employees Pension Law, 1996 (Proclamation No. 21 of 1996), the Post and Telecommunication-related Matters Act, 1958 (Act No. 44 of 1958), or the Transnet Pension Fund Act, 1990 (Act No. 62 of 1990), that is a retirement fund lump sum withdrawal benefit and in respect of [a] the section 37D(1)(d)(iA), (d)(iB) or (e) deduction, that is an amount contemplated in section 7(11);’’; 5 10 (b) by the substitution in the definition of ‘‘member’s interest in the savings 15 component’’ for paragraph (ii) of the following paragraph: ‘‘(ii) reduced proportionally by any amount deducted from a mem- ber’s benefit or minimum individual reserve in terms of section 37D(1)(a), (b), (c), (d)(i), [or] (d)(iA), (d)(iB) or (e) of the Pension Funds Act or a similar provision in the Government Employees Pension Law, 1996 (Proclamation No. 21 of 1996), the Post and Telecommunication-related Matters Act, 1958 (Act No. 44 of 1958), or the Transnet Pension Fund Act, 1990 (Act No. 62 of 1990), that is a retirement fund lump sum withdrawal benefit and in respect of the section 37D(1)(d)(iA), (d)(iB) or (e) deduction, that is an amount contemplated in section 7(11);’’; (c) by the substitution in the definition of ‘‘member’s interest in the vested component’’ for paragraph (ii) of the following paragraph: ‘‘(ii) reduced proportionally by any amount deducted from a mem- ber’s benefit or minimum individual reserve in terms of section 37D(1)(a), (b), (c), (d)(i), [or] (d)(iA), (d)(iB) or (e) of the Pension Funds Act or a similar provision in the Government Employees Pension Law, 1996 (Proclamation No. 21 of 1996), the Post and Telecommunication-related Matters Act, 1958 (Act No. 44 of 1958), or the Transnet Pension Fund Act, 1990 (Act No. 62 of 1990), that is a retirement fund lump sum withdrawal benefit and in respect of the section 37D(1)(d)(iA), (d)(iB) or (e) deduction, that is an amount contemplated in section 7(11);’’; (d) by the substitution in paragraph (c) of the proviso to the definition of ‘‘provident preservation fund’’ for paragraph (iii) of the proviso of the following paragraph: ‘‘(iii) a member who has transferred a retirement interest in terms of paragraph 2(1)(c) of the Second Schedule to this fund shall not be entitled to payment of a withdrawal benefit from the vested component as contemplated in paragraph 2(1)(b)(ii) of the Second Schedule in respect of that transferred amount, except to the extent that it is an amount contemplated in paragraph (ii) [or a savings withdrawal benefit];’’; (e) by the substitution in paragraph (b)(ii) of the proviso to the definition of ‘‘retirement annuity fund’’ for the words preceding the proviso of the following words: ‘‘that on retirement not more than one-third of the member’s interest in the vested component may be commuted for a single payment, and that the remainder, calculated together with the total value of the member’s [share standing to the credit of] interest in the retirement component, must be paid in the form of an annuity (including a living annuity), a combination of annuities (including a combination of methods of paying 20 25 30 35 40 45 50 55 This gazette is also available free online at www.gpwonline.co.za Wysigingswet op Inkomstewette, 2025 No. 6 van 2025 STAATSKOERANT, 24 DESEMbER 2025 No. 53916 5 5 1. (1) Artikel 1(1) van die Inkomstebelastingwet, 1962, word hierby gewysig— (a) deur paragraaf (ii) in die omskrywing van ‘‘lid se belang in die gevestigde komponent’’ deur die volgende paragraaf te vervang: ‘‘(ii) proporsioneel verminder word deur enige bedrag ingevolge artikel 37D(1)(a), (b), (c), (d)(i), [of] (d)(iA), (d)(iB) of (e) van die Wet op Pensioenfondse of ’n soortgelyke bepaling in die ‘Government Employees Pension Law, 1996’, (Proklamasie No. 21 van 1996), die Wet op Pos- en Telekommunikasieverwante Aangeleenthede, 1958 (Wet No. 44 van 1958), of die Transnet- Pensioenfondswet, 1990 (Wet No. 62 van 1990), van ’n lid se voordeel of minimum individuele reserwe afgetrek, wat ’n uittreefonds enkelbedragonttrekkingsvoordeel is en ten opsigte van die aftrekking ingevolge artikel 37D(1)(d)(iA), (d)(iB) of (e), ’n bedrag wat in artikel 7(11) beoog word;’’; 5 10 (b) deur paragraaf (ii) in die omskrywing van ‘‘lid se belang in die 15 spaarkomponent’’ deur die volgende paragraaf te vervang: ‘‘(ii) proporsioneel verminder word deur enige bedrag ingevolge artikel 37D(1)(a), (b), (c), (d)(i), [of] (d)(iA), (d)(iB) of (e) van die Wet op Pensioenfondse of ’n soortgelyke bepaling in die ‘Government Employees Pension Law, 1996’ (Proklamasie No. 21 van 1996), die Wet op Pos- en Telekommunikasiever- wante Aangeleenthede, 1958 (Wet No. 44 van 1958), of die Transnet-Pensioenfondswet, 1990 (Wet No. 62 van 1990), van ’n lid se voordeel of minimum individuele reserwe afgetrek, wat ’n uittreefonds enkelbedragonttrekkingsvoordeel is, en ten opsigte van [’n] die artikel 37D(1)(d)(iA), (d)(iB) of (e)-aftrekking, ’n bedrag wat in artikel 7(11) beoog word;’’; (c) deur in die omskrywing van ‘‘lid se belang in die uittreekomponent’’ die woorde wat op paragraaf (c) volg deur die volgende woorde te vervang: ‘‘soos ingevolge die reëls van die fonds bepaal, welke bedrag of fondsopbrengs proporsioneel verminder word deur enige bedrag ingevolge artikel 37D(1)(a), (b), (c), (d)(i), (d)(iA), (d)(iB) of (e) van die Wet op Pensioenfondse of ’n soortgelyke bepaling in die ‘Government Employees Pension Law, 1996’ (Proklamasie No. 21 van 1996), die Wet op Pos- en Telekommunikasieverwante Aangeleenthede, 1958 (Wet No. 44 van 1958), of die Transnet-Pensioenfondswet, 1990 (Wet No. 62 van 1990), van ’n lid se voordeel of minimum individuele reserwe afgetrek, wat ’n uittreefonds enkelbedragonttrekkingsvoordeel is, en ten opsigte van [’n] die artikel 37D(1)(d)(iA) [onttrekking], (d)(iB) of (e)-aftrekking, wat ’n bedrag beoog in artikel 7(11) is;’’; (d) deur in die verdere voorbehoudsbepaling tot die omskrywing van ‘‘spaarkomponent’’ paragraaf (iii) deur die volgende paragraaf te vervang: ‘‘(iii) enige persoon wat ’n lid van ’n voorsorgfonds [of voorsorg- bewaringsfonds] is of was en wat op 1 Maart 2021, 55 jaar oud of ouer was en steeds ’n lid van dieselfde voorsorgfonds [of voorsorgbewaringsfonds] is, of enige persoon wat ’n lid van ’n voorsorgbewaringsfonds is, en wat 55 jaar oud of ouer was op 1 Maart 2021, tensy sodanige persoon gekies het om binne 12 maande van 1 September 2024 tot hierdie komponent by te dra, in welke geval ’n eenmalige bedrag van 10 persent van die waarde van die lid se gevestigde komponent soos op 31 Augustus 2024 of die laaste dag van die maand waarin die keuse gemaak is, of soos deur die reëls van die fonds vasgestel kan word, tot R30 000 beperk is, [en] moet aan hierdie komponent toegewys word met ingang van die laaste dag van die maand waarin die keuse gemaak is;’’; 20 25 30 35 40 45 50 55 (e) deur in die omskrywing van ‘‘spaarkomponent’’ paragraaf (g) van die voorbehoudsbepaling deur die volgende paragraaf te vervang: ‘‘(g) [by aftrede van die lid— (i)] die lid se belang in hierdie komponent by keuse van die lid of benoemde— 60 This gazette is also available free online at www.gpwonline.co.za

6 No. 53916 GOVERNMENT GAZETTE, 24 DEcEMbER 2025 Act No. 6 of 2025 Revenue Laws Amendment Act, 2025 6 the annuity) or a combination of types of annuities except where two-thirds of the total [value of the] member’s interest in the vested component, [plus] calculated together with the total member’s interest in the retirement component does not exceed R165 000, or where the member is deceased or [where the member elects to transfer the vested component to a retirement annuity fund or] where a member of this retirement annuity fund elects to have a lump sum benefit contemplated in paragraph 2(1)(c) of the Second Schedule transferred to another retirement annuity fund and who made the election while being a member of this retirement annuity fund:’’; (f) by the substitution in subparagraph (ii) of paragraph (b)(ii) of the proviso to the definition of ‘‘retirement annuity fund’’ for the following proviso: ‘‘: Provided that in determining the value of two-thirds of the member’s retirement interest in the vested component an amount calculated as follows must not be taken into account:’’; (g) by the deletion in the definition of ‘‘retirement component’’ of ‘‘and’’ at the end of paragraph (c) and the insertion in that definition after paragraph (c) of the following paragraph: ‘‘(cA) any amounts transferred from a savings component or vested component of any other pension fund, pension preservation fund, provident fund, provident preservation fund or retirement annuity fund on or after 1 September 2024 may be allocated to this component; and’’; (h) by the substitution for paragraph (iii) of the further proviso to the definition of ‘‘retirement component’’ of the following paragraph: ‘‘(iii) any person who is or was a member of a provident fund [or provident preservation fund] and who was 55 years of age or older on 1 March 2021 and is still a member of the same provident fund [or provident preservation fund], or any person who is a member of a provident preservation fund and who was 55 years of age or older on 1 March 2021, unless such person has elected to contribute to this component within 12 months of 1 September 2024;’’; (i) by the substitution for paragraph (g) of the proviso to the definition of ‘‘savings component’’ of the following paragraph: ‘‘(g) [on retirement of the member— (i)] (i) the member’s interest in this component may, on election of the member or nominee— on the death of the member, be paid to a nominee or dependant of the deceased member [the retired member] and is deemed to be a lump sum benefit contemplated in paragraph 2(1)(a) of the Second Schedule; [and] or (ii) on retirement, be paid to the retired member and is deemed to be a lump sum benefit contemplated in paragraph 2(1)(a) of the Second Schedule and any portion of the member’s interest in this component not paid [as contemplated in subparagraph (i)] as a lump sum benefit must be added to the amount available to be paid in the form of an annuity, a combination of annuities or a combination of types of annuities as contemplated in paragraph (d) of the definition of ‘retirement component’:’’; and (j) by the substitution for paragraph (iii) of the further proviso to the definition of ‘‘savings component’’ of the following paragraph: ‘‘(iii) any person who is or was a member of a provident fund [or provident preservation fund] and who was 55 years of age or older on 1 March 2021 and is still a member of the same provident fund [or provident preservation fund], or any person who is a member of a provident preservation fund and who was 55 years of age or older on 1 March 2021, unless such person has elected to contribute to this component within 12 months of 1 September 2024, in which case a one-off amount of 10 per cent of the value of the member’s vested component as at 31 August 2024 or the last day of the month in which the election was made, 5 10 15 20 25 30 35 40 45 50 55 60 This gazette is also available free online at www.gpwonline.co.za Wysigingswet op Inkomstewette, 2025 No. 6 van 2025 STAATSKOERANT, 24 DESEMbER 2025 No. 53916 7 7 (i) by die afsterwe van die lid, aan ’n benoemde of afhanklike van die afgestorwe lid [die afgetrede lid] betaal kan word en geag word ’n enkelbedragvoordeel beoog in paragraaf 2(1)(a) van die Tweede Bylae te wees [en]; of (ii) by uittrede, aan die uitgetrede lid betaal kan word en geag word ’n enkelbedragvoordeel beoog in paragraaf 2(1)(a) van die Tweede Bylae te wees en enige gedeelte van die lid se belang in hierdie komponent wat nie [soos in subparagraaf (i) beoog;] as ’n enkelbedragvoordeel betaal word nie, bygevoeg moet word by die bedrag beskikbaar om betaal te word in die vorm van ’n annuïteit, ’n kombinasie van annuïteite of ’n kombinasie van tipes van annuïteite (d) van die omskrywing van die soos in paragraaf ‘uittreekomponent’ beoog:’’; en (f) deur in die omskrywing van ‘‘uittredingannuïteitsfonds’’ in paragraaf (b)(ii) van die voorbehoudsbepaling die woorde wat die voorbehoudsbepaling voorafgaan, deur die volgende woorde te vervang: ‘‘dat by uittrede, hoogstens een-derde van die lid se belang in die gevestigde komponent deur ’n enkele betaling vervang kan word en dat die restant, bereken tesame met die totale waarde van die lid se [aandeel wat tot die krediet van] belang in die uittreekomponent [staan], in die vorm van ’n annuïteit (met inbegrip van ’n lewende annuïteit), ’n kombinasie van annuïteite (met inbegrip van ’n kombinasie van metodes om die annuïteit te betaal) of ’n kombinasie van tipes annuïteite betaal moet word, behalwe waar twee-derdes van die lid se totale [waarde van die] belang in die gevestigde komponent [plus] bereken saam met die lid se totale belang in die uittreekomponent nie R165 000 te bowe gaan nie of waar die lid oorlede is of [waar die lid kies om die gevestigde komponent na ’n uittredingannuïteitsfonds oor te dra of] waar ’n lid van hierdie uittredingannuïteitsfonds kies om ’n [enkelbedrag] enkelbedragvoordeel beoog in paragraaf 2(1)(c) van die Tweede Bylae na ’n ander uittredingannuïteitsfonds te laat oordra en die keuse gemaak het terwyl hy of sy ’n lid van hierdie uittredingannuïteitsfonds was:’’; (g) deur in die omskrywing van ‘‘uittredingannuïteitsfonds’’ paragraaf (b)(ii) van die voorbehoudsbepaling deur die volgende voorbehoudsbepaling te vervang: ‘‘: Met dien verstande dat by die bepaling van die waarde van twee-derdes van die lid se uittreebelang in die gevestigde komponent, word ’n bedrag as volg bereken nie in berekening gebring nie:’’; (h) deur in die omskrywing van ‘‘uittreekomponent’’ die woord ‘‘en’’ aan die einde van paragraaf (c) te skrap en in daardie omskrywing na paragraaf (c) die volgende paragraaf in te voeg: ‘‘(cA) enige bedrae oorgedra van ’n spaarkomponent of gevestigde komponent vanaf enige ander pensioenfonds, pensioenbewa- ringsfonds, voorsorgfonds, voorsorgbewaringsfonds of uittre- dingannuïteitsfonds op of na 1 September 2024, kan aan hierdie komponent toegewys word; en’’; (i) deur in die omskrywing van ‘‘uittreekomponent’’ paragraaf (iii) van die verdere voorbehoudsbepaling deur die volgende paragraaf te vervang: ‘‘(iii) enige persoon wat ’n lid is of was van ’n voorsorgfonds [of voorsorgbewaringsfonds] en wat 55 jaar oud of ouer was op 1 Maart 2021 en steeds ’n lid van dieselfde voorsorgfonds [of voorsorgbewaringsfonds] is, of enige persoon wat ’n lid van ’n voorsorgbewaringsfonds is, en wat 55 jaar oud of ouer was op 1 Maart 2021, tensy sodanige persoon gekies het om binne 12 maande na 1 September 2024 tot hierdie komponent by te dra;’’; en (j) deur in die omskrywing van ‘‘voorsorgbewaringsfonds’’ in paragraaf (c) van die voorbehoudsbepaling, paragraaf (iii) van die voorbehoudsbepaling deur die volgende paragraaf te vervang: ‘‘(iii) ’n lid wat ’n aftreevoordeel oorgedra het ingevolge paragraaf 2(1)(c) van die Tweede Bylae na hierdie fonds, is nie geregtig op die betaling van ’n onttrekkingsvoordeel uit die gevestigde komponent soos beoog in paragraaf 2(1)(b)(ii) van die Tweede 5 10 15 20 25 30 35 40 45 50 55 60 This gazette is also available free online at www.gpwonline.co.za

8 No. 53916 GOVERNMENT GAZETTE, 24 DEcEMbER 2025 Act No. 6 of 2025 Revenue Laws Amendment Act, 2025 8 or as may be determined by the rules of the fund, [is] limited to R30 000, [and] must be allocated to this component with effect from the last day of the month in which the election was made;’’. (2) Subsection (1)(a) to (d) and (f) to (j) is deemed to have come into operation on 1 September 2024. (3) Subsection (1)(e) is deemed to have come into operation on 1 March 2025 and applies in respect of years of assessment commencing on or after that date. Amendment of section 1 of Act 12 of 2024

2. Section 1 of the Revenue Laws Amendment Act, 2024, is hereby amended by the substitution for subsection (2) of the following subsection: ‘‘(2) Subsection (1) comes into operation on 1 September 2024 [and applies in respect of years of assessment commencing on or after that date].’’. Amendment of section 2 of Act 12 of 2024

3. Section 2 of the Revenue Laws Amendment Act, 2024, is hereby amended by the substitution for subsection (2) of the following subsection: ‘‘(2) Subsection (1) comes into operation on 1 September 2024 [and applies in respect of years of assessment commencing on or after that date].’’. Amendment of section 3 of Act 12 of 2024

4. Section 3 of the Revenue Laws Amendment Act, 2024, is hereby amended by the substitution for subsection (2) of the following subsection: ‘‘(2) Subsection (1) comes into operation on 1 September 2024 [and applies in respect of years of assessment commencing on or after that date].’’. Amendment of section 4 of Act 12 of 2024

5. Section 4 of the Revenue Laws Amendment Act, 2024, is hereby amended by the substitution for subsection (2) of the following subsection: ‘‘(2) Subsection (1) comes into operation on 1 September 2024 [and applies in respect of years of assessment commencing on or after that date].’’. Amendment of section 5 of Act 12 of 2024

6. Section 5 of the Revenue Laws Amendment Act, 2024, is hereby amended by the substitution for subsection (2) of the following subsection: ‘‘(2) Subsection (1) comes into operation on 1 September 2024 [and applies in respect of years of assessment commencing on or after that date].’’. Amendment of section 6 of Act 12 of 2024

7. Section 6 of the Revenue Laws Amendment Act, 2024, is hereby amended by the substitution for subsection (2) of the following subsection: ‘‘(2) Subsection (1) comes into operation on 1 September 2024 [and applies in respect of years of assessment commencing on or after that date].’’. Amendment of section 7 of Act 12 of 2024

8. Section 7 of the Revenue Laws Amendment Act, 2024, is hereby amended by the substitution for subsection (2) of the following subsection: ‘‘(2) Subsection (1) comes into operation on 1 September 2024 [and applies in respect of years of assessment commencing on or after that date].’’. 5 10 15 20 25 30 35 40 Short title

9. This Act is called the Revenue Laws Amendment Act, 2025. This gazette is also available free online at www.gpwonline.co.za Wysigingswet op Inkomstewette, 2025 No. 6 van 2025 STAATSKOERANT, 24 DESEMbER 2025 No. 53916 9 9 Bylae ten opsigte van daardie bedrag oorgedra nie, behalwe tot die mate wat dit ’n bedrag beoog in paragraaf (ii) [of ’n spaaronttrekkingsvoordeel] is;’’. (2) Subartikel (1)(a) tot (d) en (f) tot (j) word geag op 1 September 2024 in werking te getree het. (3) Subartikel (1)(e) word geag op 1 Maart 2025 in werking te getree het en is van toepassing ten opsigte van jare van aanslag wat op of na daardie datum begin. Wysiging van artikel 1 van Wet 12 van 2024

2. Artikel 1 van die Wysigingswet op Inkomstewette, 2024, word hierby gewysig deur subartikel (2) deur die volgende subartikel te vervang: ‘‘(2) Subartikel (1) tree op 1 September 2024 in werking [en is van toepassing ten opsigte van jare van aanslag wat op of na daardie datum begin].’’. Wysiging van artikel 2 van Wet 12 van 2024

3. Artikel 2 van die Wysigingswet op Inkomstewette, 2024, word hierby gewysig deur subartikel (2) deur die volgende subartikel te vervang: ‘‘(2) Subartikel (1) tree op 1 September 2024 in werking [en is van toepassing ten opsigte van jare van aanslag wat op of na daardie datum begin].’’. Wysiging van artikel 3 van Wet 12 van 2024

4. Artikel 3 van die Wysigingswet op Inkomstewette, 2024, word hierby gewysig deur subartikel (2) deur die volgende subartikel te vervang: ‘‘(2) Subartikel (1) tree op 1 September 2024 in werking [en is van toepassing ten opsigte van jare van aanslag wat op of na daardie datum begin].’’. Wysiging van artikel 4 van Wet 12 van 2024

5. Artikel 4 van die Wysigingswet op Inkomstewette, 2024, word hierby gewysig deur subartikel (2) deur die volgende subartikel te vervang: ‘‘(2) Subartikel (1) tree op 1 September 2024 in werking [en is van toepassing ten opsigte van jare van aanslag wat op of na daardie datum begin].’’. Wysiging van artikel 5 van Wet 12 van 2024

6. Artikel 5 van die Wysigingswet op Inkomstewette, 2024, word hierby gewysig deur subartikel (2) deur die volgende subartikel te vervang: ‘‘(2) Subartikel (1) tree op 1 September 2024 in werking [en is van toepassing ten opsigte van jare van aanslag wat op of na daardie datum begin].’’. Wysiging van artikel 6 van Wet 12 van 2024

7. Artikel 6 van die Wysigingswet op Inkomstewette, 2024, word hierby gewysig deur subartikel (2) deur die volgende subartikel te vervang: ‘‘(2) Subartikel (1) tree op 1 September 2024 in werking [en is van toepassing ten opsigte van jare van aanslag wat op of na daardie datum begin].’’. Wysiging van artikel 7 van Wet 12 van 2024

8. Artikel 7 van die Wysigingswet op Inkomstewette, 2024, word hierby gewysig deur subartikel (2) deur die volgende subartikel te vervang: ‘‘(2) Subartikel (1) tree op 1 September 2024 in werking [en is van toepassing ten opsigte van jare van aanslag wat op of na daardie datum begin].’’. 5 10 15 20 25 30 35 40 Kort titel

9. Hierdie Wet heet die Wysigingswet op Inkomstewette, 2025. This gazette is also available free online at www.gpwonline.co.za

10 No. 53916 GOVERNMENT GAZETTE, 24 DEcEMbER 2025 This gazette is also available free online at www.gpwonline.co.za STAATSKOERANT, 24 DESEMbER 2025 No. 53916 11 This gazette is also available free online at www.gpwonline.co.za 12 No. 53916 GOVERNMENT GAZETTE, 24 DEcEMbER 2025 This gazette is also available free online at www.gpwonline.co.zaPrinted by and obtainable from the Government Printer, Bosman Street, Private Bag X85, Pretoria, 0001Contact Centre Tel: 012-748 6200. eMail: info.egazette@gpw.gov.zaPublications: Tel: (012) 748 6053, 748 6061, 748 6065