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