Hide
Earn under R350,000? Click here to see why you still need to file to get your Tax Refund.
CLOSE
Get Tax Deadline Reminders, News and Tips
 

We'll tell you when you need to file, along with tax tips and updates.
Try Tim Now

What is tax rate on pension payout?

Posted 22 May 2016 under Tax Q&A


Let TaxTim
help you
submit your
Tax returns!


TaxTim will help you:

 Do Your Tax Return Easily
 Avoid penalties
 Maximise your refund

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!

Get started

Blog Categories


Ask TaxTim

Got a question you want answered about tax?

Visit our helpdesk →
Speedy says:
20 May 2016 at 7:26

My provident fund payout was taxed at 18%, but my pension fund payout was taxed at 26. 91%. Is this correct? I resigned from my previous job on 01 May 2016. I received payouts before.

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

TaxTim TaxTim says:
22 May 2016 at 22:17

The more you take out in lump sums the more the tax is as all previous lump sums are added together then the tax worked out then the previous tax taken off resulting in what is owing now.


Get Tax Deadline Reminders, News and Tips
 

We'll tell you when you need to file, along with tax tips and updates.

Blog Categories


Let TaxTim
help you
submit your
Tax returns!


TaxTim will help you:

 Do Your Tax Return Easily
 Avoid penalties
 Maximise your refund

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!

Get started