WEBINAR

Navigating last-minute changes for expats:

A guide to the two-pot system

Proposed amendments to the Income Tax Act concerning the two-pot retirement system, were announced by Treasury on 1 August 2024. Coming just a month before the system’s scheduled implementation, these changes have introduced additional considerations for those South Africans living abroad.

Expatriates must take note of the amendments which may affect their ability to access their retirement funds.

In a significant reform to South Africa’s retirement savings landscape, the two-pot retirement system was signed into law by the President on 1 June 2024. Under this system, retirement savings are divided, in actual fact, into three (and not two) “pots”:

The vested pot, consisting of all accumulated retirement savings as at 31 August 2024;
The savings pot, consisting of one third of retirement contributions, post 1 September 2024; and
The retirement pot, consisting of two thirds of retirement contributions, post 1 September 2024.

Each pot is regulated by its own set of rules, which must be clearly understood by expatriates.

REGISTER NOW! MEET THE PRESENTERS KEY TOPIC AREAS

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KEY TOPIC AREAS OF THE PRESENTATION

Seed Capital and Withdrawal Limits
SARS Has the First Right to Your Savings Pot Withdrawals
Making Withdrawals from Savings Pot

The Cease to Be A Resident Requirements for Early Withdrawals
Tax Implications on Savings Withdrawals
Tax Relief for Non-tax Residents

MEET THE PRESENTERS

Delano Abdoll
Legal Manager: Cross-Border Taxation
Admitted Attorney, BA (Law), LLB, LLM

Delano is a highly skilled attorney admitted to the High Court of South Africa, with extensive knowledge and expertise in tax law. He holds a Bachelor of Arts in Law, a Bachelor of Laws, and a Master of Laws degree in Procedural Law, all obtained from the University of Pretoria. Delano has a strong focus on expatriate tax and individual cross-border taxation, making him an expert in dealing with complex tax issues faced by individuals who work or reside across international borders. With his comprehensive understanding of tax laws and regulations, he is able to provide exceptional advice and support to clients in need of expert tax planning and management.

John-Paul Fraser
Tax Attorney
Admitted Attorney, BCom (Law), LLB

John-Paul Fraser is employed at Tax Consulting South Africa and is an Admitted Attorney of the High Court of South Africa, having completed his BCom Law Degree LLB Degree. He is in the process of completing his Masters in Business Administration (MBA) through the University of Suffolk in England. John-Paul specialises in cross-border taxation and has found a passion in the technicalities and relief offered under the international legal framework ensuring that tax treatment of income and assets are correctly allocated to the relevant tax jurisdictions.