Approved I'll health retirement

Od says:
12 May 2015 at 8:52

If I am going on early I'll health retirement and I am disabled, is my lumpsum still taxable?

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TaxTim TaxTim says:
12 May 2015 at 8:53

What kind of fund is the lumpsum paid from - an income protection policy?

Od says:
12 May 2015 at 8:59

Pension and provident fund.

TaxTim TaxTim says:
12 May 2015 at 9:01

Yes unfortunately these lumpsums are taxable, however the contributions paid to the provident fund and the pension fund which SARS did not allow as a deduction will be taken off the total lumpsum and the tax worked out on the balance. You can make use of our Lump sum calculator to work out the amount to be received after tax.

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