A Fin24 user is unsure why he has to wait such a long time for his provident fund to be paid out. He writes:
I applied for my provident fund in February. I contacted them to ask when to expect it.
They said it is now with the SA Revenue Service (Sars). Its has been long, so I want to find out from you when I can expect it?
Gerrie van Niekerk of Tax-Strong responds:
When you say it is at Sars, you probably mean they are waiting for a tax directive from Sars.
The tax directive basically tells the provident fund how much tax to withhold from your payment.
Once they receive this from Sars there should not be any other hold ups with your payment.
How long it takes will, however, depend on the procedures followed by your specific fund.
If all the application forms were completed correctly by your employer and the fund administrator, then it should not take longer than 21 days from the submission date to Sars to receive the final directive back from them.
Waiting since February does sound like a very long time.
I can only assume that there was a problem with the tax directive application forms and that Sars probably sent it back to the fund, because of an error or omission.
Either that, or there was a delay in submitting the forms to Sars for some or other reason.
These forms need to be completed and submitted by your provident fund.
Try to find out from your provident fund if there were any problems with your application forms or if they still need any information from you or your employer.
Maybe get your HR manager involved as well. Usually they know the administrators at the fund a bit better and can get more information about the whole story for you.
Hope this helps and good luck.
- Fin24
Do you have a pressing financial question? Post it on our Money Clinic section and we will get an expert to answer your query.
Disclaimer:
Fin24 cannot be held liable for any investment decisions made based on the advice given by independent financial service providers.
Under the ECT Act and to the fullest extent possible under the applicable law, Fin24 disclaims all responsibility or liability for any damages whatsoever resulting from the use of this site in any manner.
I applied for my provident fund in February. I contacted them to ask when to expect it.
They said it is now with the SA Revenue Service (Sars). Its has been long, so I want to find out from you when I can expect it?
Gerrie van Niekerk of Tax-Strong responds:
When you say it is at Sars, you probably mean they are waiting for a tax directive from Sars.
The tax directive basically tells the provident fund how much tax to withhold from your payment.
Once they receive this from Sars there should not be any other hold ups with your payment.
How long it takes will, however, depend on the procedures followed by your specific fund.
If all the application forms were completed correctly by your employer and the fund administrator, then it should not take longer than 21 days from the submission date to Sars to receive the final directive back from them.
Waiting since February does sound like a very long time.
I can only assume that there was a problem with the tax directive application forms and that Sars probably sent it back to the fund, because of an error or omission.
Either that, or there was a delay in submitting the forms to Sars for some or other reason.
These forms need to be completed and submitted by your provident fund.
Try to find out from your provident fund if there were any problems with your application forms or if they still need any information from you or your employer.
Maybe get your HR manager involved as well. Usually they know the administrators at the fund a bit better and can get more information about the whole story for you.
Hope this helps and good luck.
- Fin24
Do you have a pressing financial question? Post it on our Money Clinic section and we will get an expert to answer your query.
Disclaimer:
Fin24 cannot be held liable for any investment decisions made based on the advice given by independent financial service providers.
Under the ECT Act and to the fullest extent possible under the applicable law, Fin24 disclaims all responsibility or liability for any damages whatsoever resulting from the use of this site in any manner.