I am 40 years old. I have taken the retrenchment package from my company, the amount of R307,000. I also want to withdraw my retirement fund of R714,000 as cash amount and invest in the bank. Can you please inform me what my tax will be on my retrenchment package and my retirement.
There will not be any tax on the retrenchment package, however when you withdraw the RAF then you need to add the two amounts together and make use of our Lump sum calculator to work out the tax amount - make use of the after retirement.
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