Tax implications of accessing your retirement benefits
Tax Implications of accessing your retirement benefits
Have you considered the following:
You will pay additional tax on any early withdrawal of your retirement savings
All of your previous withdrawals are aggregated when calculating the tax on a withdrawal
If you elect to take a lump sum on retirement it is taxable
An assessed loss cannot be set off against the taxable lump sum
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Tax consequences of emigrating
Tax consequences of emigrating
Have you considered the following:
You will only pay tax to SARS on any South African sourced income
When you break your tax residency you are deemed to have disposed of your assets to yourself which could give rise to a capital gains tax liability
You may be able to apply the provisions of a double tax agreement (DTA) and potentially receive a refund from SARS.
You may still be considered a South African resident taxpayer
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Maximising the tax breaks
Maximising the tax breaks
Have you considered the following:
Up to 27.5% of your retirement fund contributions are tax deductible subject to a maximum of R350 000 per year
Investing in a tax free investment will ensure that the interest income is fully exempt and not subject to the interest exemption limits.
Contributions to a medical aid will earn you Medical Scheme Credits which could reduced your tax by R12 816 for a family of 4
If you use your car for work purposes you can claim a deduction.
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