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