12 March 2024
The annual tax rates have been received from SARS for annuitants who earn income from more than one source. From Monday, 11 March 2024, you will be able to view these rates on Glacier’s Intermediary Web, and conveniently indicate your clients’ tax rate selections online.
Alternative tax rates for annuitants with more than one source of income
Annuitants may opt out of the rate provided by SARS
Conveniently opt out online
Sanlam Life
Sanlam Life will communicate with intermediaries who have affected clients, and provide a list of these clients, as was done last year.
During the week of 11 March 2024 a letter will be sent to affected clients. This letter will inform them of the rate and remind them of their options, including the option to opt out of the rate provided by SARS if they have not done so in the previous tax year (in other words for the PAYE rate based on income received at Sanlam Life only, to apply) or to opt in to the rate provided by SARS, if they opted out previously.
To opt in or opt out, the client must complete and sign the “SARS PAYE Deduction Percentage” form, or send an instruction by email to instalments.tax@sanlam.co.za. In the absence of a response or a valid opt-out instruction loaded from 2023, Sanlam Life will apply the paragraph 2(2B) rates from 1 April 2024.
