Page 14 - Nexia Cape Town 2018 TG Digital
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LUMP SUM BENEFITS
Retirement fund lump sum withdrawal benefits
BENEFIT RATES OF TAX
R0 – R25 000 0% of benefit
R25 001 – R660 000 18% of benefit above R25 000
R660 001 – R990 000 R114 300 + 27% of benefit above R660 000
R990 001 and above R203 400 + 36% of benefit above R990 000
■ tax determined by applying the tax table to the aggregate of that lump
sum plus all other retirement fund lump sum withdrawal benefits accruing
from March 2009 and all retirement fund lump sum benefits accruing from
October 2007 plus severance benefits accrued from March 2011, less
■ tax determined by applying the tax table to the aggregate of benefits
mentioned above excluding lump sums withdrawals received for the year
Retirement fund lump sum benefits or severance benefits
BENEFIT RATES OF TAX
R0 – R500 000 0% of benefit
R500 001 – R700 000 18% of benefit above R500 000
R700 001 – R1 050 000 R36 000 + 27% of benefit above R700 000
R1 050 001 and above R130 500 + 36% of benefit above R1 050 000
■ tax determined by applying the tax table to the aggregate of that lump sum
plus all other retirement fund lump sum benefits accruing from October 2007
and all retirement fund lump sum withdrawal benefits accruing from March
2009 plus severance benefits accrued from March 2011, less
■ tax determined by applying the tax table to the aggregate of benefits
mentioned above excluding retirement lump sums and severance benefits
received for the year
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