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Pension payout problem?

Posted 13 August 2015 under Tax Q&A


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Juanita says:
13 August 2015 at 12:06

Please assist me, I received a pension pay-out in March this year that will fall under the 2016 tax year. But when I do my 2015 tax return the amount comes that I was taxed on comes up in the calculation
'' Retirement fund lump sum withdrawal benefit tax liability'' I owe SARS over R300 000. 00. How can this be am I doing something wrong

This entry was posted in Tax Q&A and tagged , , . Bookmark the permalink.

TaxTim TaxTim says:
13 August 2015 at 14:43

You need to request the Tax Directive from the Fund to see exactly how much tax was withheld and when it was withheld.
Perhaps this was done in February and therefore falls under the 2015 Tax Year.

You can also make use of our Lumpsum calculator to check the payout and tax that should have been withheld.
Lump sum calculator

Please do come back if you are still confused.


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 Avoid penalties
 Maximise your refund

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Tim uses your answers to complete your income tax return instantly and professionally, with everything filled in in the right place.

Let Tim submit your tax return direct to SARS in just a few clicks!