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REFUND ON PENSION PAYOUT

Posted 23 June 2015

Phil said:
4 June 2015 at 20:21

Good day I GOT MY PROVIDENT PAYOUT LAST YEAR JULY , GOT ,Y IRP5 FROM THE PENSION FUND WITH AN AMOUNT OF R139686 UNDER CODE 3920 AND 139686 UNDER 3698, I ONLY STARTED WORK NOW AT A NEW COMPANY SO DIDNT PAY TAX ONLY FROM NOW AS I ONLY STARTED AT A NEW COMPANY NOW SO I ONLY HAVE THE ONE IRP5 SO I ONLY USE THE ONE ON eFILING DO YOU THINK I WILL GET A REFUND ?

TaxTim Marc TaxTim Marc said:
5 June 2015 at 8:08

You won't get a refund unfortunately because lumpsums which you take from a provident fund are taxed once off and based on special tax rates with no refund possible.

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