Tax Calculator
Only input the amount you wish to take as a lump sum.* Important information at resignation:
The calculation assumes that you have not already received any tax benefit from any previous lump sum received on withdrawal, retrenchment or retirement. Any cash lump sum taken before retirement will reduce the tax-free amount at retirement.
The decision you make at resignation regarding your benefits will have a long-term impact on your provision for retirement.
** Important information at retirement:
The calculation assumes that you have not already received any tax benefit from any previous lump sum received on withdrawal, retrenchment or retirement.
All lump sum benefits payable on retirement are taxable when they exceed certain levels.
Any cash lump sum taken before retirement will reduce the tax-free amount at retirement.
When you retire and you are a member of a pension fund, pension preservation fund or retirement annuity fund and you wish to take a portion of your retirement interest as a lump sum, you are allowed to take a lump sum (commute) up to a maximum of one-third of the retirement interest in that fund, unless the entire value of the fund does not exceed R247 500; in which case you may take the full retirement interest as a lump sum.
Actual tax due at retirement could differ due to the following:
Retirement amounts that accrued after 1 October 2007, but prior to 1 March 2009 are taken into account.
Retirement amounts that accrued before 1 October 2007 are not taken into account.
Withdrawal amounts that accrued before 1 March 2009 are not taken into account.
Disclaimer
Tax illustrations are guidelines only and do not negate any obligation on the deduction and payment terms of a tax directive issued by the South African Revenue Service (SARS). Tax illustrations contained in the report do not constitute tax advice. It is hereby confirmed and warranted that the figures or information contained in this sheet are for illustration purposes only and therefore subject to possible change.
