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Tax on severance package

Posted 2 February 2017

Nonhlanhla says:
2 February 2017 at 15:09

I am about to take the voluntary retrenchment package and wanted to know if I will be taxed on my last salary along with my leave days and severance package?

TaxTim TaxTim says:
2 February 2017 at 21:54

Yes you will be taxed on your last salary and your leave payout, you however should only be taxed on your severance package if the amount exceeds R500 000.

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