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

Tax deduction on provident fund

Posted 25 February 2016 under Tax Questions


Blog Categories


Ask TaxTim

Got a question you want answered about tax?

Visit our helpdesk →
Joe says:
25 February 2016 at 12:08

What will my payout be on the following for my provident fund when I resign. I am not retirement age yet ( 52 years old ). On resignation from the SATU provident fund you are taxed on the full employer share and interest earned on the member share. (not on the member contributions)
My member contributions amounted to R170,585. 44. My current statement shows member and Employer share:

Member share Employer share Total share
R706,779. 50 R689,136. 49 R139,5915. 99

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

TaxTimTaxTim says:
25 February 2016 at 12:22

So what is the total value of the fund?


Joe says:
25 February 2016 at 13:24

Member share R 706779.50
Employer share R 689136.49
Total fund value R 1395915.99


TaxTimTaxTim says:
25 February 2016 at 13:33

You will be taxed on the total less the contributions you personally made. You can make use of our Lump sum calculator to work out this amount.


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 →