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Can you claim back tax paid on a lump sum pension pay out?

Posted 26 August 2015 under Tax Questions



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Jessica says:
25 August 2015 at 19:59

HI, if I stopped working in May last year and got a pension payout, can I claim back the tax paid on it based on my income over the year?

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TaxTimTaxTim says:
26 August 2015 at 12:12

No, unfortunately you cannot claim back the tax paid on the pension payout.
SARS would have issued a tax directive and you would have been taxed accordingly.

However, you should complete a tax return for 2015 in order to see if you have overpaid tax on your salary, since you only worked for 2-3 months of the tax year and tax would have been calculated based on the full year.

Please register for TaxTim and let us assist you to complete and file your return.
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