Notice 474: Determination of amount relating to retirement annuity funds
Paragraph (b)(x)(cc) of the proviso to the definition of "retirement annuity fund" in section 1 provides that a member who discontinues his or her contributions prior to his or her retirement date shall be entitled to, inter alia, the payment of a lump sum benefit (contemplated in paragraph 2(1)(b)(ii) of the Second Schedule) where that member's interest in the fund is less than an amount determined by the Minister by notice in the Gazette.
The Minister of Finance has prescribed that the amount contemplated in paragraph (b)(x)(cc) of the proviso to the definition of "retirement annuity fund" in section 1 of the Income Tax Act must be an amount of R15 000 with effect from 1 March 2021.
Find a copy of Government Gazette notice 474 here.
18/06/2021