RETIREMENT LUMP SUM benefits tax rates

Withdrawal Benefit

2017 tax year (1 March 2016 – 28 February 2017)

​Taxable income (R)	​Rate of tax (R)
0 – 25 000	0%
25 001 – 660 000	18% of taxable income above 25 000
660 001 – 990 000	114 300 + 27% of taxable income above 660 000
990 001 and above	​203 400 + 36% of taxable income above 990 000

 

2016 tax year (1 March 2015 – 29 February 2016)

​Taxable income (R)	​Rate of tax (R)
0 – 25 000	0%
25 001 – 660 000	​18% of the amount above 25 000
​660 001 – 990 000	​114 300 + 27% of the amount above 660 000
​990 001 and above	​203 400 + 36% of the amount above 990 000

2015 tax year (1 March 2014 – 28 February 2015)

​Taxable income (R)	​Rate of tax (R)
​0 – 25 000	​0%
​25 001 – 660 000	​18% of the amount above 25 000
​660 001 – 990 000	​114 300 + 27% of the amount above 660 000
​990 001 and above	​203 400 + 36% of the amount above 990 000

2014 tax year (1 March 2013 – 28 February 2014)

​Taxable income (R)	​Rate of tax (R)
0 – 22 500​	​0%
​22 501 – 600 000	​18% of the amount above 22 500
​600 001 – 900 000	​103 950 + 27% of the amount above 600 000
​900 001 and above	​184 950 + 36% of the amount above 900 000

 

Benefits or Severance Benefits

​Taxable income (R)	​Rate of tax (R)
0 – 500 000	0%
500 001 – 700 000	​18% of the amount above 500 000
​700 001 – 1 050 000	​36 000 + 27% of the amount above 700 000
​1 050 001 and above	​130 500 + 36% of the amount above 1 050 000

​Taxable income (R)	​Rate of tax (R)
0 – 500 000	​0%
​500 001 – 700 000	​18% of the amount above 500 000
​700 001 – 1 050 000	​36 000 + 27% of the amount above 700 000
​1 050 001 and above	​130 500 + 36% of the amount above 1 050 000

​Taxable income (R)	​Rate of tax (R)
0 – 315 000​	​0%
​315 001 – 630 000	​18% of the amount above 315 000
​630 001 – 945 000	​56 700 + 27% of the amount above 630 000
​945 001 and above	​141 750 + 36% of the amount above 945 000