Do your Tax with TaxTim and WIN R10,000  More info   T&C's apply


Taxation Rate of Retirement Benefit Lump Sum



John said:
2 May 2016 at 22:04

At the age of 58 - if I retire from a provident preservation fund and receive the benefit as a lump sum - at what rate will I be taxed?

TaxTim Alicia TaxTim Alicia said:
3 May 2016 at 10:56

Please make use of our Lump sum calculator for withdrawing a lumpsum after the retirement age of 55 years.

John said:
3 May 2016 at 12:20

Hi

After more investigation it seams that the administrator has used the incorrect source code on their submission to SARS. Can one get SARS to revise their directive to reflect the correct source code?

TaxTim Alicia TaxTim Alicia said:
3 May 2016 at 13:40

The administrator needs to revise the source code so it is correctly reflected and then re-apply for the directive.

John said:
3 May 2016 at 13:49

Many thanks

TaxTim Alicia TaxTim Alicia said:
4 May 2016 at 10:07

Only a pleasure!

This entry was posted in Tax Q&A and tagged , , , , . Bookmark the permalink.





Submit your tax return right here!

TaxTim will help you:

 Do Your Tax Return Easily
 Avoid penalties
 Maximise your refund

Tim uses your answers to complete your income tax return instantly and professionally, with everything filled in in the right place.

Let Tim submit your tax return direct to SARS in just a few clicks!

Get started

Blog Categories


Ask TaxTim

Got a question you want answered about tax?

Visit our helpdesk

Get SARS Tax Deadlines in your Inbox
We'll tell you when you need to file, along with tax tips and updates.