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Does that once off R500 000.00 tax free still apply for a person younger that 55yrs on retrenchment?

Posted 23 June 2015

Thembi said:
18 June 2015 at 13:24

I just want to find out, is the retirement package taxed the same way as the retrenchment/severance package if the person is not yet at the retirement age but his/her employment was terminated?

TaxTim Marc TaxTim Marc said:
18 June 2015 at 17:24

Yes if he was retrenched it is the same, You can make use of our Lump sum calculator to determine what the tax on your retrenchment will be.

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