Hide
Earn under R350,000? Click here to see why you still need to file to get your Tax Refund.
CLOSE
Get SARS Tax Dates and Deadlines in your Inbox
 

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

Give me an example please R500 p/m x 30 years

Posted 26 January 2016 under Tax Questions



Blog Categories


Ask TaxTim

Got a question you want answered about tax?

Visit our helpdesk →
Andre says:
25 January 2016 at 10:50

I have a retirement annuity with Momentum. I only pay R500 a month and want to know on the day I retire if 2/3 will have to be reinvested in a annuity (to pay me interest every month) or if there is a certain threshold whereby I get 100% out on the day I retire?

On SARS website the use the wording "annuity interest lumpsum" which tells me its on the "interest" part on where you might get something back.

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

TaxTimTaxTim says:
26 January 2016 at 15:13

Two thirds has to be reinvested in an annuity upon retirement unless the fund balance is less than R75,000 at retirement (and less than R247,500 from 1 March 2018).


Get SARS Tax Dates and Deadlines in your Inbox
 

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 →