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Retirement & Provident Withdrawal Tax Refund

Posted 10 July 2014 under Tax Q&A


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Good day, on the 25 January 2014 I changed employment and had a withdrawal from my previous employees Retirement and Provident funds of approximately R57200.00 each and I only got approx R42000 deposited in my bank on each. I was taxed on both payouts but does not seem like I am getting a refund on them. On my ITR12 I can see the one payout from Liberty (R57200.00 on source code 3920) but not the other and my issue is that my total rebate is only R 74.00. I really dont think this seems right?

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TaxTim TaxTim says:
10 July 2014 at 18:38

Yo do not receive refunds on lump-sum pay outs, these are final taxes and cannot be claimed back.


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