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

Approved I'll health retirement

Posted 17 May 2015 under Tax Questions



Blog Categories


Ask TaxTim

Got a question you want answered about tax?

Visit our helpdesk →
Od says:
12 May 2015 at 8:52

If I am going on early I'll health retirement and I am disabled, is my lumpsum still taxable?

This entry was posted in Tax Questions and tagged , , , . Bookmark the permalink.

TaxTimTaxTim says:
12 May 2015 at 8:53

What kind of fund is the lumpsum paid from - an income protection policy?


Od says:
12 May 2015 at 8:59

Pension and provident fund.


TaxTimTaxTim says:
12 May 2015 at 9:01

Yes unfortunately these lumpsums are taxable, however the contributions paid to the provident fund and the pension fund which SARS did not allow as a deduction will be taken off the total lumpsum and the tax worked out on the balance. You can make use of our Lump sum calculator to work out the amount to be received after tax.


Get Tax Deadline Reminders, News and Tips
 

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

Blog Categories


Ask TaxTim

Got a question you want answered about tax?

Visit our helpdesk →