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Jacqui says: 16 February 2016 at 12:05 Your SARS Retirement Fund Lump Sum Tax Calculator says that I need to pay NO tax on my retirement fund withdrawal. I think it might be broken. |
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TaxTim says: 16 February 2016 at 15:34 Would you mind providing us with the amount you entered and if it was on retirement or resignation? |
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Jacqui says: 16 February 2016 at 20:59 Thank you for the quick response! It was on resignation and the amount is R93,000. |
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TaxTim says: 17 February 2016 at 10:04 We have checked this and if you resigned you should have used the BEFORE retirement option with the result of: This is how you work it out: Lump sum amount: R93000 Less: Tax on lump sum: R12240 (18% of lump sum exceeding R25,000) Equals: R80760 Was it confusing to you, we want to make sure our calculators are easy to understand and if there were any issues we would appreciate feedback on how to improve. |
