SARS Retirement Fund Lump Sum Tax Calculator
By Nicci Courtney-Clarke · Updated
Your SARS Retirement Fund Lump Sum Tax Calculator says that I need to pay NO tax on my retirement fund withdrawal. I think it might be broken.
Would you mind providing us with the amount you entered and if it was on retirement or resignation?
Thank you for the quick response! It was on resignation and the amount is R93,000.
We have checked this and if you resigned you should have used the BEFORE retirement option with the result of:
This is how you work it out:
Lump sum amount: R93000
Less: Tax on lump sum: R12240 (18% of lump sum exceeding R25,000)
Equals: R80760
Was it confusing to you, we want to make sure our calculators are easy to understand and if there were any issues we would appreciate feedback on how to improve.
This is how you work it out:
Lump sum amount: R93000
Less: Tax on lump sum: R12240 (18% of lump sum exceeding R25,000)
Equals: R80760
Was it confusing to you, we want to make sure our calculators are easy to understand and if there were any issues we would appreciate feedback on how to improve.