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Will I pay 40% tax if I took my money out now

Posted 24 October 2014 under Tax Q&A


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I want to withdraw my pension fund and start my own company. My amount with old mutual stand on R1 172 000

How much tax will I be paying?
my hr department tells me it will be 40% the same rate that I am being taxed on now.

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

TaxTim TaxTim says:
24 October 2014 at 11:07

If you take your pension fund amount out early then it would be taxed on the pre-retirement table. You can make use of our Lump sum calculator to find out how much you would pay.


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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!

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