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Tornado says: 20 January 2016 at 15:58 Arbitration Award of R100000, HOW MUCH MUST I BE TAXED? |
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TaxTim says: 20 January 2016 at 21:02 What circumstances led you to receive the award? i.e. what was the nature of the dispute? |
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Tornado says: 21 January 2016 at 0:56 The Employer suspended me unfairly then I took them to CCMA and then we negotiated and agreed on a full and final settlement amount equivalent to 5 months salary. |
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TaxTim says: 21 January 2016 at 14:55 Your employer will have to disclose the nature of the settlement to SARS when they apply for a tax directive. SARS will examine the details of the case and tax accordingly. Based on the details you have provided, it seems likely that the award will be added to your normal salary and taxed per the normal tax tables (at your marginal rate). |
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