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New Inter-Seta Transfer (IST) Process
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The Inter-Seta transfer (IST) process was standardised across all Setas as of 8 June 2007 to ensure the process is more efficient.
There is a new application form (IST-01) which became effective as of 8 June 2007. All employees must submit the IST-01 application in order for the request to be processed.
All IST’s will processed between April and June of each year. This timeframe has been instituted to ensure that organisations are paid their Mandatry grants for the relevant financial year.
Please keep in mind that IST’s will be processed during the year, in extreme cases only.
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Inter Seta Transfers
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The Inter-Seta Transfer process can be time consuming. The company will need to complete the Inter-Transfer Form which should be signed by the Senior member of your organisation.
Once BANKSETA receives this form, we request permission to move your organisation from the Seta you are currently registered with, or notify the Seta to which you are moving. We send this form and the permission obtained, to the Department of Labour, who then requests this change from SARS. SARS, in turn, changes the Seta to which your levies are being paid. Once the new Seta receives your funds, you are registered and up to date with the new Seta and can then start participating in initiatives offered by the ‘new seta’
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Employer Inter Seta Transfer (IST -01)
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To download the document
Click here.
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