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

2017 tax year (1 March 2016 – 28 February 2017)
​Taxable income (R) ​Rate of tax (R)
0 – 500 000 0% of taxable income
500 001 – 700 000 18% of taxable income above 500 000
700 001 – 1 050 000 ​36 000 + 27% of taxable income above 700 000
1 050 001 and above 130 500 + 36% of taxable income above 1 050 000
2016 tax year (1 March 2015 – 29 February 2016)
​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
2015 tax year (1 March 2014 – 28 February 2015)
​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
2014 tax year (1 March 2013 – 28 February 2014)
​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
2013 tax year (1 March 2012 – 28 February 2013)
​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

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