Changing retirement funds and tax implications
By Marc Sevitz · Updated
During this tax year, I was retrenched and had to move my retirement fund money from the fund where it was to a new preservation fund. The amount of money transferred shows up on my tax return, but I just want to find out if I will be taxed on this? Will SARS know that the money has been moved to a preservation fund and not paid out cash to me?
Thanks!
Thanks!
No you will not be taxed on this - look to the right hand side, there should be nothing under PAYE and then a directive number at the bottom right hand side.
Yes, I see that now on the form. Great, thanks for your help!
Only a pleasure!