Please clarify treatment of the change in tax free portion of pension withdrawal from R315,000 to R5
By Nicci Courtney-Clarke · Updated
If I at retirement (2013) withdrew a third of a Pension Fund that amounted to R600 000, when the tax free portion was R315 000, will I now be able to get the other R185 000 (Now that the tax free portion is R500 000) as a tax free portion if I retire from another Pension Fund?
SARS will add up all the amounts withdrawn and add that to your current withdrawal and then take off the tax free portion and tax you on the difference.