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

SARS Retirement Fund Lump Sum Tax Calculator

Posted 17 February 2016 under Tax Questions



Blog Categories


Ask TaxTim

Got a question you want answered about tax?

Visit our helpdesk →
Jacqui says:
16 February 2016 at 12:05

Your SARS Retirement Fund Lump Sum Tax Calculator says that I need to pay NO tax on my retirement fund withdrawal. I think it might be broken.

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

TaxTimTaxTim says:
16 February 2016 at 15:34

Would you mind providing us with the amount you entered and if it was on retirement or resignation?


Jacqui says:
16 February 2016 at 20:59

Thank you for the quick response! It was on resignation and the amount is R93,000.


TaxTimTaxTim says:
17 February 2016 at 10:04

We have checked this and if you resigned you should have used the BEFORE retirement option with the result of:

This is how you work it out:
Lump sum amount: R93000
Less: Tax on lump sum: R12240 (18% of lump sum exceeding R25,000)
Equals: R80760

Was it confusing to you, we want to make sure our calculators are easy to understand and if there were any issues we would appreciate feedback on how to improve.


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 →