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Taxed 199999 from provident fund how much will I get?

Posted 17 May 2015 under Tax Questions



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Jaki says:
11 May 2015 at 21:58

How much will I get from SARS after been taxed R199999 from my rovident fund

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TaxTimTaxTim says:
12 May 2015 at 8:52

What was the lumpsum amount in total that you were paid out before tax?


Jaki says:
12 May 2015 at 9:00

The amount was around 940000 before tax


Jaki says:
12 May 2015 at 9:01

Very helpful


TaxTimTaxTim says:
12 May 2015 at 9:02

Unfortunately tax on lumpsums is once off and not refundable so you will not receive anything back. So your full and final payout is R740 001.


Jaki says:
12 May 2015 at 9:09

Thanks but I was told you get a bit from what you were taxed


TaxTimTaxTim says:
12 May 2015 at 9:11

I am not sure who told you that, but it is incorrect. Lumpsums are taxed on a special table which is full and final.


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