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Retirement fund payout question

Posted 9 March 2016 under Tax Questions



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Ted says:
8 March 2016 at 20:30

I have received a payment for a retirement claim from my retirement company. I want to confirm if the tax I have paid is correct. The payout is reflected under code 3915 and 3698 on my IRP5. The tax is reflected under code 4115 as PAYE. When I submit my annual tax return- will I be expected to pay in an amount as additional tax?

The current calculated tax amount (which was withheld from payment) was very low. So my question is - is that low tax correct- and would I be expected to pay in on my tax return. I am 62 and have retired early.

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TaxTimTaxTim says:
9 March 2016 at 9:57

Please use our Lump sum calculator to determine tax due after retirement.

You would have received the lumpsum after tax was deducted.
The IRP5 will be included in your Tax Return when you submit it. No further tax will be withheld when you submit your Tax Return.

Please Register for TaxTim and let us assist you to complete and submit your Tax Return to SARS.


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