Once off amount for Tax?

By Marc Sevitz · Updated

Stian

Stian said:
11 August 2015 at 11:07

If I get a lump sum of R110 000 how much tax will I pay? How do I pay the tax only next year or can I pay it when I get it?
TaxTim Marc

TaxTim Marc said:
11 August 2015 at 17:06

Please make use of our lumpsum calculator to work out the tax you will pay.
Lump sum calculator

Whoever is paying you the lumpsum (i.e a Retirement Fund or your employer) will have to apply for a Tax Directive from SARS and then the lumpsum will be paid to you after paying the tax to SARS.

Stian

Stian said:
11 August 2015 at 20:23

thanks so much!
TaxTim Marc

TaxTim Marc said:
11 August 2015 at 22:20

Only a pleasure!