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Paul says: 16 March 2017 at 10:50 I cashed out my Provident Fund when I left my previous employer, I was there for just under 2 years. I paid a higher tax as the first R25000.00 subject to the tax rule of: 18% of lump sum exceeding R25000.00 The financial services company explained that because several years ago I cashed out a portion of my provident fund historically, I don't qualify for the tax exclusion. Is this correct? |
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TaxTim says: 16 March 2017 at 11:19 Yes, it's unfortunately correct, as SARS needs to take into account previous amounts you might have received as the exclusions are lifetime exclusions and not employer relevant. |
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