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Pension and maintenance

Posted 19 August 2015 under Tax Questions



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Marise says:
19 August 2015 at 20:25

Hi, if I receive maintenance for 7 months do I declare this on my tax return as income
and if I drew a lump sum out of my pension of R480000-00 is this taxed and under what section on tax return

Thank u

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TaxTimTaxTim says:
19 August 2015 at 23:04

You do not need to declare the maintenance received - it is not taxable.

Please make use of our Lumpsum calculator to work out the tax you will pay on your pension withdrawal.
Lump sum calculator

Your employer will apply for a Tax Directive from SARS when you withdraw a lumpsum and the amount will be paid to you net of the tax (with the tax paid to SARS). You will receive an IRP5 which will reflect the lumpsum payout and related tax. The IRP5 details will be reflected in your tax return.


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