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Pension/provident fund payout after retrenchment

Posted 10 February 2016

Mariaan says:
10 February 2016 at 10:00

My husband was retrenched last year November 2015, he is still without a job and his pension/provident fund need to pay out, on you free SARS retirement fund lump sum tax calculator is shows that if you take the money after retirement/retrenchment/death you don't pay TAX on a amount under R500 000. 00, is that correct?

TaxTim TaxTim says:
10 February 2016 at 11:44

If he was retrenched then yes, he would be subject to the better rates and R500 000 initial amount exemption.

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