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Retirement lump sum withdrawal benefits

Posted 7 February 2015

How would you tax a retirement lump sum withdrawal benefit? How would you calculate deduct this retirement lump sum withdrawal benefit in your tax calculation for an individual, if the individual only gets a members salary and retirement lump sum withdrawal benefit? Lastly how would you enter such information into income tax return ITR12/14?

TaxTim TaxTim says:
8 February 2015 at 20:27

Lumpsums are taxable on a different table and you will receive an IRP5/IT3a from the fund which should already appear on your eFiling profile.

Please make use of our Lump sum calculator to work out how much this will be.

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