How much tax will I pay on my resignation lump sum?

Question:

how much tax will i pay on my resignation lump sum is R958 000

Answer:

Ntshenge, If this is the first time you have withdrawn from a retirement fund, then you will pay tax of roughly R192 000 on your resignation lump sum of R958 000.

The information and answers supplied in this section do not constitute advice as defined by the Financial Advisory and Intermediary Services Act, 37 of 2002.

Category: For Business

Topic: Customer Questions

Get investment and saving tips straight to your inbox.

Related FAQ

How do I top up my TFSA using My10X?

You can make a top-up to your 10X investment on our member portal, My10X. To access My10X visit...

Related FAQ

How do I top up my RA using My10X?

You can make a top-up to your 10X investment on our member portal, My10X. To access My10X visit http...

Calculator

How much do I need?

We can help you plan your future. Use our calculator to see if you are on track for a comfortable retirement.

RA Calculator

Charges		1 Year	3 Years	5 Years	10 Years
Investment Management made up of:		1.0%	1.0%	1.0%	1.0%
10X Management Fee (Incl. VAT)	0.57%
Bank, Audit, Trustee/Custody fees	0.16%
Transaction Costs	0.3%
Advice1		0.0%	0.0%	0.0%	0.0%
Administration		0.0%	0.0%	0.0%	0.0%
Other costs		0.0%	0.0%	0.0%	0.0%
EAC (sum of charges)		1.0%	1.0%	1.0%	1.0%