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Changing retirement funds and tax implications

Posted 15 October 2015 under Tax Q&A


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Louisa says:
14 October 2015 at 9:18

During this tax year, I was retrenched and had to move my retirement fund money from the fund where it was to a new preservation fund. The amount of money transferred shows up on my tax return, but I just want to find out if I will be taxed on this? Will SARS know that the money has been moved to a preservation fund and not paid out cash to me?
Thanks!

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TaxTim TaxTim says:
14 October 2015 at 12:56

No you will not be taxed on this - look to the right hand side, there should be nothing under PAYE and then a directive number at the bottom right hand side.

Louisa says:
14 October 2015 at 13:50

Yes, I see that now on the form. Great, thanks for your help!

TaxTim TaxTim says:
15 October 2015 at 21:06

Only a pleasure!


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