FAQ Blog Calculators Students Logbook Contact
Do your Tax with TaxTim and WIN R10,000  More info   T&C's apply


Tax on initial lump sum payment upon early retirement

Posted 2 May 2016

Antistax says:
1 May 2016 at 22:14

How much of R220 000. 00 is paid as lump sum on retirement at the age of 55?
Is the lump sum tax deductable?

TaxTim TaxTim says:
2 May 2016 at 17:55

If this is your first withdrawal of a lumpsum then there will be no tax payable on this amount as it is below the threshold for retirement lumpsums.

This entry was posted in Tax Q&A and tagged , , , . Bookmark the permalink.




Do your Tax Return in 20 minutes or less!

TaxTim will help you:

 Do Your Tax Return Easily
 Avoid penalties
 Maximise your refund
Tim uses your answers to complete your income tax return instantly and professionally, with everything filled in in the right place.

Let Tim submit your tax return direct to SARS in just a few clicks!

Get started

Blog Categories


Ask TaxTim

Got a question you want answered about tax?

Visit our helpdesk →

Get SARS Tax Deadlines in your Inbox
We'll tell you when you need to file, along with tax tips and updates.