SRD Grant: New Regulations

SRD Grant: New Regulations

• 05 April 2024
• Regulatory Compliance and Legislation
• South African Accounting Academy

The SRD grant, which increased to R370 on 1 April 2024, has also been commonly referred to as the R350 grant.

The amended Social Assistance Act: Regulations: Covid 19 Social Relief of Distress was gazetted on 25 March 2024.

The gazetted changes to the SRD grant have taken effect from 1 April 2024. These changes will allow new recovery processes and to better deal with irregular payments.

Essentially government has put in a “recovery and uncollected benefits” section that would allow them to “recover all monies paid to any person in the event that such a person was not entitled to benefit from the grant”.

The department also said in sub-regulation 2 of the new rules that if you are a beneficiary of the grant you have to keep your details up to date.

Click here to download the Gazetted Notice:

https://www.gov.za/sites/default/files/gcis_document/202403/50369rg11681gon4466.pdf

Relevance to Auditors, Independent Reviewers & Accountants:

• As an auditor, independent reviewer, tax practitioner and accountant, you may need to assist your clients that are eligible for SASSA grants, specifically the SRD Grant.
• You need to be aware of changes to legislation, such as the SRD Grant Regulations.
• You need to be aware of the latest news and updates regarding sassa grants to enable proper facilitation of assistance to your clients.

Relevance to Your Clients:

• Your clients that may be eligible for SASSA grants, specifically the SRD Grant, and would possibly require your assistance.

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