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What is the tax rate payable when withdrawing a portion of the provident fund money?

Posted 24 November 2015

Lerato says:
24 November 2015 at 8:02

Have resigned (under 50 years old) and need some cash flow. I transferred the provident funds from employer to a preservation fund account. How much tax will I pay if I make a withdrawal of a portion of the funds?

TaxTim TaxTim says:
24 November 2015 at 11:33

Is the preservation fund also a provident fund?

Lerato says:
24 November 2015 at 13:28

Yes, the preservation account is a provident fund as well.

TaxTim TaxTim says:
24 November 2015 at 14:21

You will pay tax according to the Lump sum calculator tables.

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